4NEX 

5 

056 

163 


LAWS, 


BY-LAWS  AND  RESOLUTIONS 


RELATING    TO    THE 


gional 


COLUMBUS: 

PRINTED    BY   SCOTT   &   BASCOM. 

1850. 


AN  ACT 


TO  INCORPORATE  THE  STATE  BANK  OF  OHIO,  AND  OTHER  BANK 
ING  COMPANIES. 


SEC.  1.  Be,  it  enacted  by  the,  General  Assembly  of  the  State  of 
Ohio,  That  it  shall  be  lawful  for  natural  individual  persons,  not  fewer 
in  number  in  any  case  than  five,  to  associate  and  form  companies  for 
the  purpose  of  carrying  on  the  business  of  banking,  each  in  such 
place  in  this  State  as  shall  be  designated  in  its  articles  of  association, 
and  in  the  certificate  hereinafter  required  to  be  made,  subject,  how- 
ever, to  the  contingencies,  restrictions,  conditions  and  liabilities  pre- 
scribed in  this  act. 

SEC.  2.  The  aggregate  amount  of  capital  stock  of  all  the  compa- 
nies, authorized  by  this  act  to  be  formed,  and  to  carry  on  the  business 
of  banking  within  this  State,  shall  not,  until  an  additional  amount  be 
authorized  by  law,  exceed  six  millions  one  hundred  and  fifty  thousand 
dollars;  which  sum  shall  not  however  be  construed  to  include  the 
capital  stock  of  such  companies,  as,  by  name,  shall  be  authorized  to 
continue  or  resume  the  business  of  banking  subject  to  the  provisions 
of  this  act. 

SF.C.  3.  For  the  purpose  of  securing  to  the  several  sections  of  the 
State  a  fair  participation  in  the  privileges  granted  by  this  act,  the 
State  shall  be  divided  into  twelve  districts,  and  the  banking  capital 
authorized  by  the  second  section  shall  be  apportioned  among  such 
districts,  and  the  number  of  banking  companies  to  be  formed  therein 
shall  be  limited  as  provided  in  this  section,  that  is  to  say  — 

The  counties  of  Hamilton,  Clermont,  Brown,  Clinton,  Warren  and 
Butler  shall  compose  the  first  district,  in  which  the  number  of  bank- 
ing companies  to  be  formed  shall  not  exceed  five,  with  an  aggregate 
capital  not  exceeding  one  million  two  hundred  thousand  dollars. 

The  counties  of  Greene,  Montgomery,  Preble,  Miarni,  Darke,  Shel- 
by, Mercer,  Allen  and  Vanwert,  shall  compose  the  second  district,  in 
which  the  number  of  banking  companies  to  be  formed  shall  not  ex- 
ceed five,  with  an  aggregate  capital  not  exceeding  six  hundred  thou- 
sand dollars. 

The  counties  of  Putnam,  Paulding,  Williams,  Henry,  Lucas,  Wood 
and  Hancock,  shall  compose  the  third  district,  in  which  the  number 
of  banking  companies  to  be  formed  shall  not  exceed  four,  with  an  ag- 
gregate capital  not  exceeding  three  hundred  thousand  dollars. 

The  counties  of  Ottowa,  Sandusky,  Erie,  Huron,  Richland,  Sene- 
ca, Wyandott  and  Crawford,  shall  compose  the  fourth  district,  in 
which  the  number  of  banking  companiet  to  be  formed  shall  not  ex- 


1397375 


ceed  four,  with  an  aggregate  capital  not  exceeding  four  hundred  thou- 
sand dollars. 

The  counties  of  Hardin,  Marion,  Delaware,  Franklin,  Union,  Lo- 
gan, Champaign,  Clark  and  Madison,  shall  compose  the  fifth  district, 
in  which  the  number  of  banking  companies  to  be  formed  shall  not 
exceed  six,  with  an  aggregate  capital  not  exceeding  five  hundred 
thousand  dollars. 

The  counties  of  Pickaway,  Fayette,  Ross,  Highland,  Adams,  Sci- 
oto,  Lawrence,  Gallia,  Pike  and  Jackson,  shall  compose  the  sixth  dis- 
trict, in  which  the  number  of  banking  companies  to  be  formed  shall 
not  exceed  five,  with  an  aggregate  capital  not  exceeding  five  hundred 
thousand  dollars. 

The  counties  of  Meigs,  Athens,  Washington,  Monroe,  Morgan, 
Muskingum  and  Guernsey,  shall  compose  the  seventh  district,  in 
which  the  number  of  banking  companies  to  be  formed  shall  not  ex- 
ceed six,  with  an  aggregate  capital  not  exceeding  five  hundred  thou- 
sand dollars. 

The  counties  of  Hocking,  Perry,  Fairfield,  Licking  and  Knox, 
shall  compose  the  eighth  district,  in  which  the  number  of  banking 
companies  to  be  formed  shall  not  exceed  four,  with  an  aggregate  cap- 
ital not  exceeding  four  hundred  thousand  dollars. 

The  counties  of  Wayne,  Stark,  Holmes,  Coshocton  and  Tuscara- 
was,  shall  compose  the  ninth  district,  in  which  the  number  of  bank- 
ing companies  to  be  formed  shall  not  exceed  three,  with  an  aggregate 
capital  not  exceeding  two  hundred  and  fifty  thousand  dollars. 

The  counties  of  Belmont,  Harrison,  Jefferson,  Carroll  and  Colum- 
biana,  shall  compose  the  tenth  district,  in  which  the  number  of  bank- 
ing companies  to  be  formed  shall  not  exceed  five,  with  an  aggregate 
capital  not  exceeding  five  hundred  thousand  dollars. 

The  counties  of  Trumbull,  Ashtabula,  Lake,  Geauga  and  Portage, 
shall  compose  the  eleventh  district,  in  which  the  number  of  banking 
companies  to  be  formed  shall  not  exceed  five,  with  an  aggregate  cap- 
ital not  exceeding  three  hundred  thousand  dollars. 

The  counties  of  Summit,  Medina,  Lorain  and  Cuyahoga,  shall 
compose  the  twelfth  district,  in  Avhich  the  number  of  banking  com- 
panies to  be  formed  shall  not  exceed  eleven,  with  an  aggregate  cap- 
ital not  exceeding  seven  hundred  thousand  dollars. 

SEC.  4.  The  number  of  banking  companies  which  shall  be  form- 
ed and  permitted  to  engage  in  the  business  of  banking  under  the  pro- 
visions of  this  act,  in  the  county  of  Hamilton,  shall  not  exceed  four ; 
in  the  county  of  Cuyahoga,  six  ;  in  the  county  of  Franklin,  three  ; 
in  the  county  of  Ross,  two;  in  the  county  of  Muskingum,  two  ;  in 
the  county  of  Jefferson,  two  ;  in  the  county  of  Summit,  three;  in  the 
county  of  Lucas,  two ;  in  the  county  of  Miami,  two;  in  the  county 
of  Montgomery,  two;  and  in  no  other  county  in  the  State  shall  there 
be  more  than  one  company  formed  under  the  provisions  of  this  act, 
and  permitted  to  engage  in  the  business  of  banking,  except  under 
the  circumstances  mentioned  and  provided  for  in  the  twelfth  section 
of  this  act :  Provided,  that  not  more  than  two  companies  shall  be 
authorized  to  commence  and  carry  on  the  business  of  banking,  as 


branches  of  the  State  Bank  of  Ohio,  under  the  provisions  of  this  act, 
in  any  one  of  the  counties  named  in  this  section,  excepting  the  coun- 
ty of  Hamilton,  and  in  the  county  of  Hamilton  not  more  than  three 
such  branches  shall  be  so  authorized  ;  and  if  a  greater  number  of 
companies  formed  for  the  purpose  of  banking  in  any  such  county, 
shall  elect  to  become  a  branch  of  the  State  Bank  of  Ohio,  the  com- 
missioners hereinafter  appointed  shall  reduce  such  number  to  the 
number  in  this  section  limited,  in  conformity  to  the  rules  prescribed 
in  the  eleventh  section  of  this  act. 

SEC.  5.  To  carry  into  effect  the  provisions  of  this  act,  John  W. 
Allen,  Joseph  Olds,  Daniel  Kilgore,  Alexander  Grimes  and  Gustavus 
Swan,  shall  be  and  they  are  hereby  appointed  commissioners,  and 
they,  or  a  majority  of  them,  after  taking  an  oath  diligently,  faithfully 
and  impartially  to  perform  the  duties  assigned  them  by  this  act,  a 
certificate  of  which  oath  shall  be  filed  and  carefully  preserved  in  the 
office  of  the  Secretary  of  State,  shall  constitute  a  board,  to  be  desig- 
nated the  board  of  bank  commissioners;  which  board  shall  continue 
for  one  year  from  the  date  of  this  act,  and  thereafter  the  duties  which 
they  are  required  by  this  act  to  perform  shall  devolve  on  and  be  per- 
formed by  the  Auditor,  Treasurer  and  Secretary  of  State,  who  shall 
be  commissioners  to  perform  such  duties ;  and  if  any  of  said  com- 
.missioners  shall  refuse  to  serve,  shall  die,  or  resign,  his  place  shall  be 
filled  by  the  General  Assembly,  by  joint  resolution,  if  in  session,  and 
if  not,  by  the  Governor. 

SEC.  6.  Said  commissioners  shall  meet  in  the  city  of  Columbus, 
at  such  time,  within  thirty  days  after  the  passage  of  this  act,  as  shall 
be  appointed  by  the  Governor,  who  shall  notify  each  member  of  his 
appointment,  and  of  the  time  and  place  of  meeting;  they  shall,  when 
met,  appoint  one  of  their  number  to  be  their  president,  who  shall, 
under  the  order  of  the  board,  sign  all  official  documents;  and  they 
shall  cause  a  fair  and  true  record  of  all  their  official  proceedings  to 
be  kept  in  a  book  to  be  provided  for  that  purpose. 

SEC.  7.  Persons  associating  to  form  a  banking  company,  shall, 
under  their  hands  and  seals,  make  a  certificate,  which  shall  specify, 

First — The  name  assumed  by  such  company,  and  by  which  it 
shall  be  known  in  its  dealings,  in  which  name  shall  be  included  the 
name  of  the  city,  village  or  town  in  which  its  banking  operations  shall 
be  carried  on ; 

Second  —  The  amount  of  the  capital  stock  of  such  company,  and 
the  number  of  shares  into  which  the  same  is  divided  ; 

Third  —  The  name  and  place  of  residence  and  the  number  of 
shares  held  by  each  member  of  the  company  ; 

Fourth  —  The  lime  when  such  company  shall  have  been  formed ; 

Fifth  —  That  such  company  has  elected  to  carry  on  its  operations 
as  an  independent  banking  company,  or,  as  a  "  branch  of  the  State 
Bank  of  Ohio,"  as  the  case  may  be,  which  certificate  shall  be  ac- 
knowledged before  a  justice  of  the  peace  or  notary  public,  and  shall 
be  recorded  by  the  recorder  of  the  county  where  such  company  is 
to  be  established,  in  a  book  to  be  kept  by  him  for  that  purpose,  which 
shall  at  all  times  during  office  hours  be  kept  open  for  the  inspection 


of  any  person  wishing  to  examine  the  same  ;  one  copy  of  which  cer- 
tificate, duly  certified,  shall  be  transmitted  to  the  Secretary  of  State, 
who  shall  record  and  carefully  preserve  the  same  in  his  office,  and 
another  to  the  board  of  bank  commissioners. 

SEC.  8.  No  company  shall  be  permitted  to  commence  or  carry 
on  the  business  of  banking  under  the  authority  of  this  act,  as  a 
branch  of  the  State  Bank  of  Ohio,  unless  its  ca-ntal  stock  shall  be  at 
least  one  hundred  thousand  dollars,  nor  as  an  independent  banking 
company  unless  its  capital  shall  be  at  least  fifty  thousand  dollars, 
nor  in  either  case  shall  the  capi'al  stock  of  any  such  company  ex- 
ceed five  hundred  thousand  dollars  ;  provided,  however,  that  the  cer- 
tificates of  the  funded  debt  of  this  State  or  of  the  United  States,  de- 
posited with  the  Treasurer  of  State  as  collateral  security  for  the 
redemption  of  the  notes  of  circulation  of  any  independent  banking 
company  shall  not  be  deemed  a  part  of  the  capital  stock  of  such  com- 
pany within  the  meaning  of  this  act.  At  least  thirty  per  cent,  of 
the  capital  stock  of  each  company  shall  be  paid  in  gold  and  silver 
coin,  or  their  equivalent,  one  half  of  which  thirty  per  cent,  at  least, 
shall  be  in  gold  and  silver  coin,  and  shall  be  in  the  actual  possession 
and  bona  fide  the  property  of  the  company  at  the  commencement  of 
its  banking  business,  and  at  the  place  designated  for  carrying  on  such 
business,  and  the  remainder  of  the  capital  stock  of  such  company 
shall  be  paid  in,  in  installments  each  of  at  least  ten  per  cent,  on  the 
whole  amount  to  which  the  company  is  limited,  as  frequently  as  one 
installment  at  the  end  of  each  succeeding  ninety  days  from  the  date 
of  the  commencement  of  its  banking  operations,  until  the  whole 
amount  of  capital  stock  is  paid  in;  but  when  any  banking  company 
formed  under  the  provisions  of  this  act  shall  have  paid  in  at  least 
sixty  per  centum  on  the  gross  amount  of  its  capital  stock,  and  shall 
deem  a  further  extension  of  its  capital  at  such  time  unnecessary,  such 
company  may,  if  a  branch  of  the  State  Bank  of  Ohio,  apply  to  the 
board  of  control,  or,  if  an  independent  banking  company,  to  the  Gov- 
ernor, for  an  extension  of  the  time  for  paying  in  the  remaining  in- 
stallments oil  its  capital  stock,  and  if,  after  a  careful  examination  of 
the  facts,  the  board  of  control  or  Governor,  as  the  case  may  be,  shall 
be  satisfied  that  public  convenience  does  not  require  an  increase  of 
the  capital  stock  of  such  company  as  rapidly  as  required  by  the  fore- 
going provisions  of  this  section,  the  board  of  control  or  the  Goveror, 
as  the  case  may  require,  shall  authorize  such  further  extension  of  the 
time  for  paying  in  the  remaining  installments  as  shall  be  deemed 
compatible  with  the  public  interest ;  and  this  section  shall  not  be  so 
construed  as  to  prevent  any  independent  banking  company  that  pre- 
vious to  commencing  its  business  as  a  bank  shall  have  paid  on  its 
capital  stock  not  less  than  thirty  thousand  dollars,  and  shall  have  de 
•  posited  with  and  transferred  to  the  Treasurer  of  State  certificates  of 
funded  debt,  as  required  by  this  act,  to  any  amount  not  less  than 
seventy  thousand  dollars,  and  shall  also  have  complied  with  the  pro- 
visions of  this  act,  other  than  such  as  relate  to  the  amount  of  its  cap- 
ital stock,  from  commencing  and  carrying  on  its  business  as  an  inde- 

endent  banking  company ;  and  in  such  case,  such  company  shall 


not  be  required  to  have  or  pay  any  additional  amount  of  capital  stock. 

SEC.  9.  If  any  shareholder  or  his  assignee  shall  fail  to  pay  any 
instalment  on  his  stock,  when  the  same  is  required  by  the  foregoing 
section  to  be  paid,  the  directors  may  sell  said  stock,  at  public  auction, 
having  given  three  weeks  previous  notice  thereof,  in  a  news- 
paper published  in  the  county  where  the  company  is  located,  to  any 
person  who  will  pay  the  highest  price  therefor,  and  not  less  than 
the  amount  due  thereon  ;  and  the  excess,  if  any,  after  paying  the 
expenses  of  the  sale  shall  be  refunded  to  the  delinquent  stockholder. 
If  no  bidder  can  be  found  who  will  pay  for  such  slock  the  amount 
due  thereon  to  the  company  and  costs  of  advertisement  and  sale, 
the  amount  previously  paid  shall  be  forfeited  to  the  company  ;  and 
such  stock  may  be  subsequently  sold  in  such  manner  as  the  direct- 
ors may  order. 

SEC.  10.  After  the  expiration  of  two  months,  and  within  three 
months  from  the  date  of  this  act,  the  board  of  bank  commissioners 
shall  examine  the  certificates  of  the  formation  of  banking  compa- 
nies, transmitted  to  them  as  required  by  the  seventh  section  of  this 
act,  and  shall  by  one  of  their  own  members,  or  other  special  agent 
appointed  by  them  for  that  purpose,  who  shall  not  be  a  stockholder 
in  any  of  the  companies  formed  under  this  act,  immediately  proceed 
to  examine  the  condition  of  each  of  the  banking  companies  which 
shall  have  transmitted  to  the  said  board  the  required  certificate ; 
and  it  shall  be  the  especial  duty  of  such  agent  to  carefully  count 
or  otherwise  ascertain  the  amount  of  money  paid  in  on  account  of 
its  capital  stock,  to  ascertain  the  name  and  place  of  residence  of  each 
of  the  directors  of  such  company,  and  the  amount  of  capital  stock  of 
which  each  is  the  bona  fide  owner,  whether  such  company  has  com- 
plied with  all  the  requirements  of  this  act  necessary  to  entitle  the 
company  to  engage  in  the  business  of  banking,  and  he  shall  cause  to 
be  made  and  attested  by  the  oath  of  the  majority  of  the  directors, 
and  by  the  cashier  of  such  company,  a  statement  of  all  the  material 
facts  necessary  to  enable  the  board  of  commissioners  to  determine 
whether  such  company  is  lawfully  entitled  to  commence  the  business 
of  banking  under  the  provisions  of  this  act,  and  such  agent  shall  im- 
mediately report  to  the  board  of  bank  commissioners  such  statement 
and  his  proceedings  in  the  premises. 

SEC.  11.  If,  upon  a  careful  examination  and  comparison  of  the 
certificates  of  association  and  the  reports  and  statements  of  the  spe- 
cial agents  appointed  to  ascertain  whether  the  banking  companies 
authorized  by  this  act  have  complied  with  its  provisions,  it  shall  ap- 
pear that  any  number  of  companies  have  been  formed  and  are  law- 
fully entitled  to  commence  the  business  of  banking,  provided  the 
number  of  such  companies  and  the  amount  of  their  capital,  collect- 
ively, in  any  district,  shall  not  exceed  the  number  and  the  amount  of 
capital  assigned  to  such  district,  nor  in  any  county,  the  number  as- 
signed to  such  county,  the  commissioners  shall  certify  the  same  to 
the  Governor,  who  shall,  if  he  be  satisfied  that  the  law  has  in  all  re- 
spects been  complied  with,  issue  his  proclamation,  setting  forth  that 
such  companies  are  authorized  to  commence  and  carry  on  the  busi- 


8 

ness  of  banking,  at  the  places  severally  designated  in  their  certificates 
of  association.  But  if  ihe  commissioners  shall  find  that  a  number  of 
banking  companies  shall  have  been  formed,  and  shall  have  complied 
with  all  the  requisitions  of  this  act,  preliminary  to  the  commence- 
ment of  the  business  of  banking,  in  any  district,  greater  than  the 
number  assigned  to  such  district,  then  the  commissioners  shall  deter- 
mine which  of  such  companies  are  to  be  preferred,  and  certify  the 
same  to  ihe  Governor,  as  in  this  section  provided,  and,  in  forming 
such  determination,  they  shall  apply  the  following  rules,  in  the  order 
which  they  stand  : 

First — They  shall  avoid  depriving  any  county  in  which  one  or 
more  of  such  companies  are  formed,  of  at  least  one. 

Second  —  They  shall  prefer  such  companies  as  have  the  largest 
capital,  provided,  at  least  thirty  per  cent,  thereof  shall  have  been 
paid  in. 

Third- — They  shall  prefer  the  company  or  companies  whose  stock 
is  in  the  largest  proportion  owned  by  citizens  of  the  county  in  which 
such  company  is  formed. 

Fourth  —  They  shall  prefer  the  company  or  companies  whose  stock 
is  in  the  largest  proportion  owned  by  citizens  of  the  State. 

Fifth  —  They  shall  prefer  companies  constituted  by  the  most  re- 
sponsible stockholders.  And  in  case  more  companies  shall  have  been 
formed,  and  shall  have  complied  with  all  the  requirements  of  this  act 
preliminary  to  the  commencement  of  business,  in  any  county,  than 
the  number  assigned  to  such  county,  the  commissioners,  in  determin- 
ing to  which  preference  shall  be  given,  shall  observe  the  forgoing 
rules,  excepting  the  first  in  the  order  in  which  they  stand.  And  if, 
after  reducing  the  number  of  banking  companies  in  any  district  to 
the  number  assigned  to  such  district,  it  shall  be  found  that  such  com- 
panies have,  collectively,  a  greater  amount  of  capital  than  the  amount 
apportioned  to  such  district,  then  the  commissioners  shall  bring  the 
aggregate  capital  within  the  prescribed  limits,  by  reducing  the  cap- 
ital which  each  company  shall  be  authorized  to  employ  in  equal  ratio 
on  the  amount  thereof,  over  the  minimum  amount  prescribed  for  such 
companies. 

SKC.  12.  After  the  end  of  two  years  from  the  date  of  this  act, 
any  banking  company  formed  in  any  district  may  increase  its  capital 
stock  to  any  amount  not  exceeding  five  hundred  thousand  dollars,  nor 
exceeding  the  amount  of  capital  assigned  to  each  district  and  remain- 
ing unappropriated  ;  and  in  case  more  than  one  banking  company 
shall  apply  for  an  increase  of  its  capital  stock,  and  the  amount  of  the 
proposed  increase  shall  exceed  the  whole  amount  of  capital  unappro- 
priated in  such  district,  then  the  commissioners  shall  assign  such  un- 
appropriated capital  equally  to  the  companies  demanding  the  same ; 
but  any  new  company,  formed  in  any  county  having  no  banking  com- 
pany in  the  same,  shall  be  preferred  at  any  time  before  such  capital 
is  finally  appropriated. 

IN    RELATION   TO   THE   STATE    BANK   OF    OHIO. 

SEC.  13.    Whenever,  from  an  inspection  of  the  certificates  trans- 


9 

mitted  by  banking  companies  to  the  board  of  bank  commissioners,  it 
shall  appear  that  any  number  of  said  companies,  not  less  than  seven, 
inclusive  of  such  existing  companies  as  are  by  this  act  especially  au- 
thorized to  resume  or  continue  banking  operations  under  its  provis- 
ions, have  made  their  election  to  transact  their  banking  operations  as 
branches  of  the  State  Bank  of  Ohio,  and  have  complied  with  the  re- 
quirements of  this  act  preliminary  to  the  commencement  of  banking 
operations,  then  said  commissioners  shall  immediately  notify  each  of 
said  companies  thereof ;  and  within  ten  days  after  receiving  such  no- 
tice, they  shall  each  appoint,  in  such  manner  as  the  directors  thereof 
shall  prescribe,  one  person  to  be  a  member  of  the  board  of  control  of 
the  State  Bank  of  Ohio ;  and  any  I  wo  or  more  of  such  banking  com- 
panies may  unite  in  the  appointment  of  the  same  person.  But  no 
person  who  is  not  a  citizen  of  the  United  States,  and  a  resident  of  this 
State,  and  who  has  not  resided  within  this  State  at  least  two  years 
next  previous  to  his  appointment,  shall  be  a  member  of  the  board  of 
control. 

SEC.  14.  The  members  of  the  board  of  control  who  shall  have 
been  appointed  agreeably  to  the  provisions  of  the  next  preceding  sec- 
tion, shall  meet  in  the  city  of  Columbus,  at  such  time  as  shall  be  de- 
signated by  the  board  of  bank  commissioners,  who  shall  give  ten  days 
previous  notice  to  each  branch  of  the  time  of  such  meeting ;  they 
shall  each  take  an  oath  diligently,  faithfully  and  impartially  to  per- 
form the  duties  imposed  on  them  by  this  act ;  a  certificate  of  which 
oath  shall  be  filed  and  preserved  in  the  office  of  the  Secretary  of 
State,  i'hey  shall  organize,  provided  two-thirds  of  the  whole  num- 
ber shall  be  convened,  by  electing  some  suitable  person  as  president, 
whose  duty  it  shall  be  to  preside  at  the  meetings  of  the  board,  and 
sign  its  official  documents.  They  shall  appoint  a  secretary  who  shall 
keep  a  fair  and  true  record  of  the  proceedings  of  the  board.  They 
shall  keep  an  office  in  the  city  of  Columbus,  which,  together  with 
their  books,  papers,  records,  and  accounts  of  every  description,  shall 
at  all  times,  be  open  to  the  inspection  of  any  committee  of  the  Gen- 
eral Assembly,  or  either  branch  thereof,  and  of  any  commission  or 
commissioners  especially  appointed  for  that  purpose  by  the  General 
Assembly,  and  of  any  person  appointed  by  any  one  of  the  branches. 
They  shall  procure  and  furnish  each  branch  with  notes  for  circula- 
tion, and  decide  on  the  amount  to  be  furnished  from  time  to  time  to 
each,  within  the  limits,  and  agreeably  to  the  rules  and  restrictions 
prescribed  by  this  act.  They  may  prescribe  rules  for  the  settlement 
of  balances  between  the  branches,  three-fourths  of  the  votes  given, 
according  to  the  rule  of  voting  herein  prescribed,  concurring.  They 
shall  have  power,  by  themselves,  or  by  a  committee  of  one  or  more 
members  of  their  own  board,  or  by  a  special  agent  appointed  by  them 
for  that  purpose,  whenever  and  as  often  as  they  shall  think  proper, 
to  visit  any  branch,  inspect  its  books,  records  and  accounts,  and  all 
the  evidences  of  debts  due  to  and  securities  held  by  such  branch  ; 
examine  and  ascertain  the  amount  of  money  and  other  property  held 
by  such  branch  ;  examine  on  oath  the  president,  directors,  cashier, 
and  all  other  officers,  agents,  clerks,  or  servants  of  the  branch,  touch- 

2 


10 

ing  of  its  condition,  means,  and  liabilities.  They  shall  have  power 
to  require  any  branch  to  reduce  its  circulation,  or  other  liabilities, 
within  such  limits  as  they  shall,  after  full  enquiry  into  its  condition, 
deem  necessary  to  secure  from  loss  either  the  dealers  with  such 
branch,  or  the  other  branches  of  the  State  Bank  of  Ohio.  They  may 
require  the  officers  of  each  branch  to  make  out,  under  oath,  and  trans- 
mit to  the  office  of  said  board,  at  Columbus,  statements  of  the  condi- 
tion thereof,  in  such,  form  as  such  board  shall  prescribe,  and  as  fre- 
quently as  they  shall  deem  proper,  which  statements  shall  be  record- 
ed in  a  book  or  books  to  be  kept  for  that  purpose.  They  may  appoint 
an  executive  committee  of  not  less  than  five,  of  whom  the  president 
shall  be  one,  to  act  in  behalf  of  the  board  in  all  such  cases,  and  per- 
form all  such  duties  as  shall  be  prescribed  by  the  by-laws  of  said 
board  not  inconsistent  with  this  act. 

SEC.  15.  The  president  and  secretary  of  the  board  of  control 
shall  each  receive  such  compensation  for  their  services  as  said  board 
shall  allow,  which  shall  be  assessed  upon  the  several  branches  of  the 
State  Bank  of  Ohio,  in  the  ratio  of  their  capital  stock.  The  board 
may  also  allow  the  executive  committee  such  compensation  as  they 
shall  deem  just  and  reasonable,  to  be  paid  by  the  several  branches 
in  the  same  manner ;  and  the  expenses  of  procuring  plates  and  print- 
ing notes  of  circulation  shall  be  paid  by  the  several  branches,  in  the 
ratio  of  the  notes  of  circulation  received  by  each. 

SEC.  16.  The  board  of  control,  from  the  time  of  its  organization 
until  the  first  day  of  May,  in  the  year  one  thousand  eight  hundred 
and  sixty-six,  and  thereafter,  until  the  affairs  of  the  several  branches 
of  the  State  Bank  of  Ohio  shall  be  finally  closed  up,  shall  be  a  body 
corporate,  with  succession,  and  by  the  name  of  the  STATE  BANK  OF 
OHIO,  capable  of  contracting  and  of  prosecuting,  and  defending  in 
suits  or  actions  at  law,  or  in  chancery,  as  fully  as  natural  persons, 
and  of  doing  all  other  acts  and  things  necessary  to  effect  the  object 
contemplated  in  this  act  by  the  formation  of  said  board. 

SEC.  17.  Each  member  of  the  board  of  control  shall  continue  in 
office  until  the  first  Monday  of  February,  next  after  his  appointment, 
and  until  his  successor  shall  be  appointed  and  qualified  ;  vacancies 
in  the  board  shall  be  filled  by  the  branch  by  which  the  appointment 
vacated  was  made.  In  voting,  each  member  shall  be  entitled  to  one 
vote,  and  to  one  additional  vote  for  every  fifty  thousand  dollars  of  the 
amount  of  notes  of  circulation,  to  which  the  branch  or  branches  rep- 
resented by  him  is,  or  are  entitled  at  the  time  of  such  voting.  The 
president  of  the  board  shall  hold  his  office  for  one  year,  and  until  his 
successor  shall  be  appointed,  but  may  be  removed  by  a  resolution  of 
the  board.  He  shall  take  an  oath  faithfully,  diligently,  and  impar- 
tially to  fulfil  the  duties  of  his  appointment,  and  not  knowingly  vio- 
late any  of  the  provisions  of  this  act.  He  may  be  required  to  give 
bond  in  such  sum,  and  with  such  securities  as  the  board  shall  pre- 
scribe ;  and  all  vacancies  in  said  appointment  shall  be  filled  by  the 
board. 

SEC.  18.  All  notes  issued  by  any  branch,  intended  to  circulate 
as  money,  shall  be  payable  at  the  branch  by  which  they  are  issued, 


11 

in  gold  and  silver  coin,  the  lawful  currency  of  the  United  States,  or 
either,  at  the  option  of  the  branch,  on  demand;  they  shall  be  signed 
by  the  president  of  the  board  of  control,  countersigned  by  the 
cashier  of  the  branch  by  which  they  are  issued,  made  payable  to 
bearer,  and  shall  be  negotiable  by  delivery  ;  all  other  evidences  of 
debt,  issued  by  any  branch,  shall  be  negotiable  or  transferable  in  the 
same  manner  asf  if  issued  by  a  natural  person,  and  shall  be  binding 
on  the  branch,  whether  under  seal  or  not ;  and  all  such  evidences  of 
debt,  other  than  notes  of  circulation,  shall  be  payable  to  the  order  of 
some  person  therein  named. 

SEC.  19.  No  branch  of  the  State  Bank  of  Ohio  shall,  at  any 
time,  have  in  circulation  notes  in  the  similitude  of  bank  notes,  to  an 
amount  bearing  a  greater  proportion  to  the  capital  stock  of  said 
branch  actually  paid  in,  and  at  the  time  remaining  undiminished  by 
losses  or  withdrawal,  exclusive  of  its  portion  of  the  safety  fund,  than 
the  proportion  hereinafter  specified,  that  is  to  say : 

On  the  first  hundred  thousand  dollars,  or  any  lesser  amount  of  its 
capital,  not  more  than  twice  the  amount  of  such  capital. 

On  the  second  hundred  thousand  dollars,  or  part  thereof  not  more 
than  once  and  half  of  the  amount  of  such  capital,  over  one  hundred 
thousand. 

On  the  third  hundred  thousand  dollars,  or  part  thereof,  not  more 
than  once  and  a  quarter  the  amount  of  such  capital,  over  two  hun- 
dred thousand. 

On  the  fourth  hundred  thousand  dollars,  or  part  thereof,  not  more 
than  once  the  amount  of  such  capital,  over  three  hundred  thousand ; 
and, 

On  any  amount  of  capital  over  four  hundred  thousand  dollars,  not 
more  than  three-fourths  the  amount  of  such  capital,  over  four  hun- 
dred thousand,  and  on  its  portion  of  the  safety  fund  an  amount  equal 
thereto. 

SEC.  20.  Notes  designed  for  circulation  shall  be  delivered  by  the 
board  of  control  to  each  branch,  on  a  written  order,  signed  by  the 
president  and  a  majority  of  the  directors  of  such  branch  ;  such  or- 
ders shall  be  carefully  preserved  by  said  board  in  their  office ;  an 
accurate  account  of  all  the  notes  so  delivered,  the  amount  of  the 
notes  of  each  denomination  so  delivered,  and  the  date  of  such  de- 
livery, shall  be  kept  by  the  board  of  control,  in  a  book  or  books,  to 
be  provided  and  kept  in  their  office  at  Columbus  ;  all  notes  so  worn, 
defaced,  or  mutilated,  as  to  be  unfit  for  circulation,  shall  be  returned 
by  the  branch  by  which  they  were  issued  to  the  board  of  control,  and 
an  equal  amount  of  new  notes  received  therefor ;  all  such  notes  so 
returned  by  a  branch,  shall  be  credited,  and  all  new  ones  delivered 
in  their  stead  shall  be  charged  to  such  branch  on  the  books  of  said 
board ;  and  the  notes  so  returned  shall  be  burned  to  ashes  in  the 
presence  of  the  president,  and  at  least  two  of  the  members  of  said 
board . 

SEC.  21.  Before  the  board  of  control  shall  deliver  to  any  branch, 
notes  for  circulation,  they  shall  require  such  branch  to  pay  over  or 
deposit  to  the  credit  of  said  board,  as  said  board  shall  order,  either 


in  money  or  in  certificates  of  the  stocks  of  this  State,  or  of  the  Uni- 
ted States,  at  their  current  value  in  the  city  of  New  York,  but  in  no 
instance  above  their  par  value,  an  amount  equal  to  ten  per  cent,  on 
the  amount  of  the  notes  for  circulation  delivered  to  such  branch. 
And  so  from  time  to  time,  as  any  branch  may,  by  the  paying  in  of  an 
additional  amount  on  its  capital  stock,  or  by  not  having  received  the 
amount  of  notes  for  circulation  to  which  it  was  previously  entitled, 
be  authorized  to  demand  an  additional  amount  of  notes  for  circula- 
tion, such  branch  shall  deposit  with  the  board  of  control  ten  per  cent 
on  the  amount  of  notes  so  required;  and  the  stocks  and  money  so 
deposited  shall  be  denominated  the  "  safety  fund,"  and  shall  be  in- 
vested as  hereinafter  prescribed,  and  held  by  the  board  of  control  as 
the  property  of  said  board,  ia  trust  for  the  benefit  of  the  several 
branches  of  the  State  Bank  of  Ohio,  and  as  a  fund  for  the  redemp- 
tion of  the  notes  of  circulation  of  any  one  or  more  of  said  branches 
that  may  fail  to  redeem  its  notes,  to  be  applied  to  that  purpose  in  the 
manner  pointed  out  by  this  act. 

SEC.  22.  All  money  so  deposited  or  paid  to  the  board  of  control 
on  account  of  the  safety  fund,  by  any  branch,  shall  be,  under  the  di- 
rection of  said  board  invested  by  such  branch  either  in  stocks  of  the 
State  or  of  the  United  States,  or  in  bonds  secured  by  mortgages  on  un- 
encumbered real  estate  situate  in  the  county  where  such  branch  is  lo- 
cated, or  in  adjoining  counties,  of  at  least  twice  the  value  in  each  case 
of  the  amount  secured  thereby,  exclusive  of  buildings  or  other  fix- 
tures subject  to  be  destroyed  by  fire,  by  floods  or  other  accidental 
occurrences,  or  of  timber,  mines  or  minerals  subject  to  waste  ;  which 
bond  shall  be  made  payable  on  demand  to  the  State  Bank  of  Ohio, 
and  shall  bear  such  rate  of  interest  as  shall  be  agreed  on  by  the  par- 
ties, not  exceeding  seven  per  cent,  per  annum,  payable  semi-annual- 
ly.  Each  branch  shall  be  entitled  to  receive  the  interest  accruing 
on  the  stocks  or  bonds  in  which  its  portion  of  the'  safety  fund  shall 
have  been  invested ;  and  in  case  of  the  insolvency  of  any  branch, 
the  stocks  and  bonds  in  which  the  money  of  such  branch  shall  have 
been  invested  as  aforesaid,  if  the  proceeds  of  such  stock  and  bonds 
shall  be  sufficient  to  redeem  its  outstanding  notes  of  circulation,  shall, 
as  far  as  practicable,  be  first  converted  into  money  and  applied  to 
that  purpose  before  any  part  of  the  safety  fund  belonging  to  other 
branches  shall  be  so  applied. 

SEC.  23.  The  stockholders,  collectively,  of  any  branch  shall  at 
no  time  be  liable  to  such  branch,  either  as  principal  debtors  or  sure- 
ties, or  both,  to  an  amount  exceeding  one  third  part  of  the  capital 
stock  of  such  branch,  then  actually  paid  in  and  remaining  as  capital 
stock  ;  nor  shall  the  directors,  collectively,  be  so  liable  to  an  amount 
exceeding  one-fourth  part  of  the  stock  actually  paid  in,  standing  in 
their  names,  and  of  which  they  are  collectively  the  bona  fide  owners 
in  their  own  right :  provided,  that  such  directors  may  be  further  per- 
mitted to  become  liable  as  drawers  or  indorsers  of  bona  fide  bills  of 
exchange  drawn  in  this  State  and  payable  at  any  place  out  of  this 
State,  to  an  amount,  when  added  to  their  other  liabilities,  not  exceed- 
ing one-third  of  the  capital  stock  actually  paid  in  and  standing  in  the 


13 

names  of  such  directors ;  and  the  stockholders  may  become  liable  in 
like  manner  in  such  sum  as,  when  added  to  their  other  liabilities, 
will  not  exceed  one-half  of  the  capital  stock  of  any  such  branch  ac- 
tually paid  in. 

SEC.  24.  If  any  branch  of  the  State  Bank  of  Ohio  shall  refuse 
to  pay  its  notes  of  circulation,  or  any  of  them,  in  gold  and  silver 
coin  of  the  lawful  currency  of  the  United  States,  on  which  pay- 
ment shall  be  lawfully  demanded  at  its  banking  house  or  customary 
place  of  doing  banking  business,  during  usual  banking  hours,  such 
branch  shall  be  deemed  to  have  committed  an  act  of  insolvency,  and 
thereupon  all  its  property,  credits,  securities,  liens  and  assets  of  every 
description  shall  forthwith  vest  in  and  be  the  property,  credits,  secu- 
rities, liens  and  assets  of  the  board  of  control,  for  the  uses  and  pur- 
poses declared  in  this  act. 

SEC.  25.  The  board  of  control,  on  receiving  information  that  any 
branch  of  the  State  bank  of  Ohio  has  committed  an  act  of  insolven- 
cy, shall  forthwith  appoint  a  committee  of  one  or  more  of  its  mem- 
bers, who  shall  make  immediate  inquiry  into  the  truth  of  such  infor- 
mation and  report  thereon  to  the  board ;  and  if  the  board  shall  be 
satisfied  from  the  report  of  the  committee  that  such  branch  has  sus- 
pended the  payment  of  its  notes  in  gold  and  silver,  they  shall  forth- 
with appoint  a  suitable  receiver  or  receivers,  who  shall  take  immedi- 
ate possession  of  the  books,  records,  money,  choses  in  action  and  pro- 
perty of  said  branch  of  every  description,  and  hold  the  same  for  the  joint 
use  and  benefit  of  the  other  branches  of  the  State  Bank  of  Ohio,  and 
the  creditors  of  the  said  failing  branch  ;  and  said  board  of  control  shall 
immediately  provide  money  and  place  the  same  in  such  solvent 
branch  or  branches  as  may  be  most  convenient  for  the  purpose  of  re- 
deeming the  notes  of  such  failing  branch,  and  shall  give  public  no- 
tice thereof  in  some  newspaper  printed  in  the  place  where  such 
failing  branch  is  located,  and  also  in  some  newspaper  of  general  cir- 
culation published  at  Columbus. 

SEC.  26.  Each  solvent  branch  shall  contribute,  in  the  ratio  of 
the  circulation  to  which  it  is  entitled,  to  the  sum  necessary  for  re- 
deeming the  notes  of  the  failing  branch,  as  provided  in  the  pre- 
ceding section,  on  the  requisition  of  the  board  of  control  and  may 
be  remunerated  for  such  contribution,  from  the  safety  fund,  as 
soon  as  money  sufficient  can  be  raised  from  .that  fund,  by  a  sale 
or  hypothecation  of  the  stock,  funds,  or  other  securities  belonging 
thereto. 

SEC.  27.  The  receiver  or  receivers  appointed  as  provided  in  the 
twenty-fifth  section,  shall  be  required  to  give  bond  in  such  sum  and 
with  such  securities  as  the  board  of  control  shall  judge  sufficient, 
and  under  the  direction  of  the  said  board,  shall  proceed  to  settle  up 
its  affairs  and  convert  its  assets  into  money  ;  the  money  so  made  shall 
be  applied : — 

First —  To  reimburse  all  moneys  which  shall  have  been  advanced 
by  the  several  branches  for  the  redemption  of  the  notes  and  bills  of 
the  insolvent  branch,  and  which  may  not  have  been  previously  reim- 
bursed from  the  safety  fund. 


14 

Second  —  To  reimburse  all  moneys  advanced  from  the  safety  fund, 
other  than  moneys  derived  from  that  portion  of  the  safety  fund  fur- 
nished by  the  failing  branch. 

Third — To  the  payment  and  discharge  of  all  the  remaining  lia- 
bilities of  such  branch  ;  and, 

Fourth  —  The  residue  shall  be  divided  among  the  stockholders  of 
the  failing  branch,  in  proportion  to  the  stock  by  them  respectively 
held. 

SEC.  28.  If  any  branch  against  which  the  board  of  control  shall 
have  instituted  proceedings  on  account  of  any  supposed  act  of  in- 
solvency, as  prescribed  by  the  twenty-fifth  section  of  this  act,  shall 
deny  having  committed  such  act  of  insolvency,  such  company  may 
apply  to  any  court  of  competent  jurisdiction  for  a  writ  of  injunction 
to  said  board  of  control  to  suspend  all  further  proceedings  against 
such  branch  as  an  insolvent  company ;  and  such  court,  after  citing 
said  board  of  control  to  appear  and  show  cause  why  such  writ  should 
not  be  granted,  and  after  the  finding  of  a  jury  that  such  branch  has 
at  all  times  continued,  and  still  continues  to  redeem,  in  gold  and  sil- 
ver coin,  its  notes  of  circulation,  shall  make  an  order  enjoining  the 
board  of  control  from  all  further  proceedings  against  such  branch  on 
account  of  the  supposed  act  of  insolvency  on  which  such  proceed- 
ings were  instituted,  and  thereupon  all  the  property  and  assets  of 
such  branch  shall  be  restored  to  its  directors. 

SEC.  29.  If  the  board  of  control  shall,  in  any  case,  fail  to  pro- 
ceed in  the  manner  prescribed  in  the  foregoing  sections  of  this  act, 
in  providing  for  the  payment  of  the  outstanding  notes  of  circulation, 
and  in  closing  the  affairs  of  any  branch  that  shall  have  committed  an 
act  of  insolvency,  the  holder  of  any  of  its  notes  of  circulation,  or 
other  creditor  of  such  branch  may,  in  case  payment  of  such  notes  of 
circulation  or  other  claim  has  been  refused  when  lawfully  demanded, 
and  remains  unpaid,  apply  to  any  court  of  competent  jurisdiction  for 
its  writ,  commanding  the  board  of  control  so  to  proceed ;  and  it  shall 
be  the  duty  of  such  court,  after  citing  such  board  to  appear  and  show 
cause  why  such  writ  should  not  issue,  and  upon  the  finding  of  a  ju- 
ry that  such  act  of  insolvency  has  been  committed,  to  issue  their 
writ  commanding  said  board  of  control  forthwith  to  proceed  in  the 
manner  pointed  out  in  the  preceding  sections  of  this  act,  to  provide 
for  the  payment  of  the  outstanding  notes  of  such  branch,  close  up 
its  affairs  and  make  application  of  its  assets. 

IN    RELATION    TO    INDEPENDENT    BANKING   COMPANIES. 

SEC.  30.  Each  company  that  shall  have  elected  to  carry  on  its 
business  as  an  independent  banking  company,  and  shall  have  com- 
plied with  the  requirements  of  this  act,  preliminary  to  the  com- 
mencement of  banking  business,  shall,  before  it  shall  commence 
such  business,  and  before  it  shall  be  held  to  have  acquired  corpo- 
rate powers,  deposit  with  and  transfer  to  the  Treasurer  of  State 
certificates  of  the  funded  debt  of  this  State  or  of  the  United  States, 
at  least  equal  in  amount  to  the  amount  of  its  capital  stock  at  such 


15 

time  paid  in ;  and  from  time  to  time  as  an  additional  instalment 
or  portion  of  its  capital  stock  shall  be  paid  in,  additional  certificates 
of  the  funded  debt  above  specified,  at  least  equal  in  amount  to  the 
amount  of  such  additional  payments  of  capital  stock  shall,  within 
thirty  days  after  such  payment,  be  deposited  with  and  transferred  to 
the  Treasurer  of  State  ;  but  no  such  certificate  of  funded  debts  shall 
be  received  by  said  treasurer  at  a  rate  or  price  above  the  average  sel- 
ling price  of  such  certificates  at  the  New  York  stock  exchange  for 
the  four  weeks  next  preceding  the  time  of  the  receipt  thereof  by  the 
treasurer,  nor  shall  any  certificate  of  the  funded  debt  of  this  State  be 
received  at  any  rate  above  its  par  value,  exclusive  of  the  unpaid  in- 
terest that  may  have  accrued  thereon ;  and  if  such  company  shall 
fail  to  make  deposites  or  transfers  of  stock,  as  in  this  section  requir- 
ed, all  its  franchises  and  powers  derived  from  this  act,  except  such  as 
may  be  necessary  to  settle  up  its  affairs,  shall  immediately  cease  and 
determine. 

SEC.  31.  The  Treasurer  of  State  shall  deliver,  from  time  to  time 
as  he  may  be  prepared  so  to  do,  to  any  independent  banking  compa- 
ny that  may  have  entitled  itself  thereto,  on  the  written  order  of  the 
president  and  a  majority  of  its  directors,  notes  for  circulation  to  any 
amount  not  exceeding  the  value  of  the  certificates  of  funded  debt  de- 
posited with  and  transferred  to  him  by  such  company  as  prescribed 
by  the  preceding  section  ;  but  at  no  time  shall  the  total  amount  of 
such  notes  delivered  to  any  such  company  exceed  three  times  the 
amount  at  such  time  actually  paid  in  on  its  capital  stock,  and  remain- 
ing as  capital  stock  undiminished  by  losses  or  otherwise. 

SEC.  32.  In  order  to  furnish  suitable  notes  for  circulation  to  such 
independent  banking  companies,  the  Treasurer  of  State  is  hereby 
authorized  and  required  to  cause  to  be  engraved  and  printed  in  the 
best  manner  to  guard  against  counterfeiting,  such  quantity  of  circu- 
lating notes  in  the  similitude  of  bank  notes,  in  blank,  of  the  several 
denominations  provided  for  in  this  act,  as  he  may,  from  time  to  time 
deem  necessary  to  furnish  to  such  independent  banking  companies 
according  to  the  provisions  hereinafter  set  forth ;  which  notes  shall 
be  countersigned,  numbered  and  registered  in  proper  books  to  be  pro- 
vided and  kept  for  that  purpose  in  the  office  of  said  treasurer,  under 
his  direction,  by  such  person  or  persons  as  he  may  appoint,  so  that 
each  denomination  of  such  circulating  notes  shall  bear  the  uniform 
signature  of  one  of  such  registers ;  and  all  the  notes  of  each  separ- 
ate denomination  shall  bear  the  same  device,  and  bear  a  general  sim- 
ilitude ;  and  the  notes  or  bills  to  be  so  countersigned  shall  have  stamp- 
ed or  printed  on  their  face  the  words  "  secured  by  the  pledge  of 
stock." 

SEC.  33.  The  plates,  dies  and  materials  to  be  procured  by  the 
Treasurer  of  State  for  the  printing  and  making  the  circulating  notes 
provided  for  in  the  thirty-second  section  of  this  act,  shall  remain  in 
the  custody  of  said  treasurer  and  under  his  direction ;  and  the  ex- 
pense necessarily  incurred  by  him  in  executing  the  provisions  of 
this  act,  shall  be  audited  and  settled  by  the  Auditor  of  State,  and  paid 
out  of  any  moneys  in  the  treasury  not  otherwise  appropriated ;  and 


16 

for  the  purpose  of  reimbursing  the  same  to  the  treasury,  the  said 
treasurer  is  hereby  authorized  and  required  to  charge  against,  and 
receive  from  each  company  receiving  such  circulating  notes,  such 
rate  per  centum  thereon  as  may  be  sufficient  for  that  purpose,  and 
shall,  from  time  to  time,  equalize  said  expenses  among  the  companies 
to  whom  such  circulating  notes  may  be  furnished. 

SEC.  34.  After  any  such  independent  banking  company  shall 
have  caused  to  be  executed  and  signed  by  the  president  and  cashier 
thereof,  the  circulating  notes  received  from  the  Treasurer  of  State, 
in  such  manner  as  may  be  requisite  to  make  them  obligatory  notes, 
payable  on  demand  at  its  place  of  business,  such  company  is  hereby 
authorized  to  issue  and  circulate  the  same  as  money. 

SEC.  35.  It  shall  be  the  duty  of  the  Treasurer  of  State  to  receive 
mutilated  circulating  notes  issued  by  him  to  any  of  such  independ- 
ent banking  companies,  and  to  deliver  in  place  thereof  other  circula- 
ting notes  to  an  equal  amount,  and  the  said  mutilated  notes,  after  a 
memorandum  shall  have  been  entered  in  the  proper  book  or  books, 
shall  be  burned  to  ashes  by  the  said  treasurer,  in  the  presence  of  the 
Secretary  of  State  and  the  officer  or  agent  of  said  company  by  whom 
the  said  notes  shall  have  been  delivered  to  the  said  treasurer,  and  a 
certificate  of  said  burning,  signed  by  said  treasurer,  shall  be  made 
in  the  books  of  the  register,  and  a  duplicate  thereof  given  to  said 
agent. 

SEC.  36.  The  Treasurer  of  State  shall  give  to  any  company  by 
whom  any  stock  shall  have  been  deposited,  according  to  the  provis- 
ions of  the  thirtieth  section  of  this  act,  powers  of  attorney  to  receive 
the  interest  or  dividends  thereon,  which  interest  or  dividend  such 
company  may  receive  and  apply  to  its  own  use ;  but  such  powers  of 
attorney  shall  become  void  upon  any  such  company  failing  to  redeem 
the  circulating  notes  issued  by  such  company  ;  provided,  however, 
that  whenever  the  price  of  any  of  the  stocks  pledged  for  the  security 
or  redemption  of  the  circulating  notes  issued  by  any  such  company, 
as  aforesaid,  shall  be  at  the  stock  exchange,  in  the  city  of  New  York, 
for  four  consecutive  weeks,  at  a  price  or  rate  less  than  the  value  at 
which  such  stock  shall  have  been  estimated  when  so  deposited  and 
pledged ;  the  treasurer  shall  receive  and  retain  the  interest  or  divi- 
dend on  such  depreciated  stock  so  pledged,  until  the  interest  so  re- 
ceived, when  added  to  the  market  value  of  stocks  so  pledged,  to  be 
ascertained  as  in  this  section  before  provided,  will  be  equal  in  amount 
to  the  amount  for  which  such  stocks  were  pledged ;  and  he  shall  de- 
posit the  amount  so  received  with  any  solvent  banking  company  in 
this  State,  at  such  rate  of  interest  as  shall  be  agreed  upon,  or,  at  the 
option  of  the  company  by  which  such  stocks  were  deposited,  invest 
such  interest  or  dividends  in  any  of  the  stocks  by  this  act  authorized 
to  be  pledged,  in  the  name  of  the  Treasurer  of  State,  in  trust  for  the 
banking  company  by  whom  the  stocks  on  which  such  interest  or  di- 
vidends may  have  accrued  shall  have  been  pledged  ;  and  whenever 
the  price  of  such  depreciated  stocks,  at  the  New  York  stock  ex- 
change, shall  rise  to  the  price  at  which  they  were  pledged  by  the 
company,  and  so  remain  for  four  consecutive  weeks,  such  investment 


17 

shall  be  assigned  to  such  company,  and  all  accruing  interest  on  such 
pledged  stock  shall  thereafter  be  paid  to  such  company. 

SEC.  37.  The  stocks  transferred  to  the  Treasurer  of  State  by  an 
independent  banking  company,  for  the  security  of  its  circulating 
notes,  shall  be  held  by  him  exclusively  for  that  purpose  until  such 
notes  shall  be  redeemed,  except  as  hereinafter  provided. 

SEC.  38.  If  any  such  independent  banking  company  shall  fail  to 
redeem,  in  gold  or  silver  coin,  any  of  its  circulating  notes  issued  in 
pursuance  of  the  provisions  of  this  act,  when  payment  thereof  shall 
be  lawfully  demanded,  during  the  usual  hours  of  business,  at  the 
office  of  such  company,  the  holder  of  such  note  or  notes  may  cause 
one  or  more  thereof  to  be  protested  by  a  notary  public,  who  shall,  on 
protesting  the  same,  forthwith*  forward  notice  of  such  protest  to  the 
Treasurer  of  State  ;  and  after  such  protest  suffered,  it  shall  not  be 
lawful  for  the  company  thus  suffering  protest,  to  pay  out  any  of  its 
notes,  discount  any  notes  or  bills,  or  otherwise  engage  in  the  business 
of  banking,  except  to  receive  and  safely  keep  moneys  belonging  to 
it,  and  to  deliver  special  deposits  ;  provided,  however,  that  if  satis/ac- 
tory  proof  be  produced  to  such  notary  public  that  the  payment  of  any 
such  note  or  notes  is  restrained  or  delayed  by  order  of  any  court  of 
competent  jurisdiction,  such  notary  public  shall  not  protest  the  same. 
Where  the  holder  of  such  notes  shall  cause  more  than  one  to  be  pro- 
tested on  the  same  day,  he  shall  not  receive  pay  for  more  than  one 
such  protest. 

SEC.  39.  In  case  any  such  independent  banking  company  shall 
fail  to  pay  and  redeem  its  circulating  notes  on  demand,  in  gold  or 
silver  coin,  as  specified  in  the  next  preceding  section  of  this  act,  the 
Treasurer  of  State  shall,  within  thirty  days  after  he  shall  have  re- 
ceived notice  of  such  failure,  cause  the  stocks  pledged  by  such  com- 
pany^ or  so  much  thereof  as  may  be  necessary  to  redeem  the  out- 
standing circulating  notes  of  such  company,  to  be  sold  either  at  the 
stock  exchange,  in  the  city  of  New  York,  after  giving  notice  of  such 
sale  to  such  company,  and  also  advertising  the  time  and  place  of  sale, 
with  a  pertinent  description  of  the  stocks  to  be  offered  for  sale,  in  two 
or  more  newspapers  published  in  the  city  of  New  York,  for  not  less 
than  ten  consecutive  days  before  the  day  of  sale,  or  at  the  State  Trea- 
sury in  the  city  of  Columbus,  giving  notice  to  said  company,  and, 
also  advertising  in  one  or  more  newspapers  published  in  the  city  of 
Columbus,  and  one  or  more  newspapers  in  general  circulation  in  the 
county  where  the  office  of  such  failing  company  is  situated,  which 
advertisements  shall  contain  the  same  particulars  as  are  required 
herein  where  sales  are  to  be  made  in  the  city  of  New  York  ;  and  out 
of  the  proceeds  of  such  sale  the  treasurer  shall  pay  in  a  ratable  pro- 
portion the  circulating  notes  of  such  company,  of  which  due  notice 
shall  be  given,  calling  upon  the  holders  of  such  notes  to  present  them 
for  such  payment  at  the  State  treasury ;  provided,  that  if  any  of  the 
circulating  notes  of  such  failing  company  shall  not  be  presented  for 
redemption  at  the  State  treasury  until  after  the  term  of  two  years 
from  the  date  of  the  first  publication  of  the  notice  to  the  holders  of 
such  notes  to  present  the  game  at  the  State  treasury,  the  treasurer 
3 


18 

may  pay  ratably  tc  the  holders  of  the  notes  previously  presented,  if 
such  notes  shall  not  have  been  previously  paid  in  full,  whatever  tf 
the  proceeds  of  such  sale  remaining  in  his  hands  may  be  needed  to 
fully  discharge  such  notes  so  presented. 

SEC.  40.  The  Treasurer  of  State  may,  if  he  shall  deem  that  the 
interests  of  the  note  holders  of  any  insolvent  banking  company  will 
be  best  promoted  thereby,  with  the  advice  of  the  Auditor  and  Secre- 
tary of  State,  hypothecate  or  sell,  at  private  sale,  any  of  the  stocks 
transferred  to  and  deposited  with  him  by  such  company  to  any  other 
independent  banking  company,  or  to  any  individual  person  or  firm, 
and  receive  therefor  either  money  or  the  circulating  notes  of  such 
failing  company  ;  provided  that  no  such  stock  shall  be  sold  by  private 
sale  at  less  than  the  par  value  thereof/norat  less  than  its  selling  price 
at  the  New  York  stock  exchange  at  the  date  of  the  last  received  in- 
formation, nor  shall  any  such  stock  be  sold  on  credit. 

SEC.  41.  On  receiving  notice  that  any  such  independent  banking 
company  shall  have  committed  an  act  of  insolvency,  as  hereinbefore 
defined,  the  Treasurer  of  State,  the  Secretary  of  State,  and  the  Au- 
ditor of  State,  or  a  majority  of  them,  shall  appoint  a  special  agent, 
who  shall  immediately  proceed  to  ascertain  whether  such  company 
has  refused  to  pay  its  notes  in  gold  and  silver  coin  when  lawfully  de- 
manded, and  report  to  the  said  treasurer,  secretary  and  auditor,  the 
facts  so  ascertained,  and  if  from  the  report  so  made,  said  treasurer, 
secretary  and  auditor,  or  a  majority  of  them,  shall  be  satisfied  that 
such  company  has  suspended  the  payment  of  its  circulating  notes, 
when  lawfully  demanded,  in  gold  and  silver  coin,  they  shall  forthwith 
appoint  a  receiver  or  receivers,  and  require  of  him  or  them  such 
bond  and  security  as  they  shall  deem  proper,  who  shall  proceed  to 
take  possession  of  the  books,  records,  and  assets  of  every  description 
of  such  company,  collect  all  debts,  dues,  and  other  claims  belonging 
to  such  company  ;  settle,  and,  with  the  approbation  of  an  agent  to  be 
appointed  by  the  stockholders  for  the  protection  of  their  interests, 
compound  for  all  bad  and  doubtful  debts  ;  sell  all  the  real  and  per- 
sonal property  of  said  company,  and  to  pay  over  all  moneys  so  made 
to  the  Treasurer  of  State,  and  the  Treasurer  of  State  shall  cause  no- 
tice to  be  given  by  advertisement  in  one  or  more  newspapers  pub- 
lished in  the  city  of  Columbus,  and  also  in  one  or  more  newspapers 
in  general  circulation  in  the  county  where  the  office  of  such  insolvent 
company  shall  be  situated,  for  six  consecutive  months,  calling  on  all 
persons  who  may  have  claims  against  such  company  to  make  legal 
proof  thereof;  and  after  the  end  of  one  year  from  the  first  publica- 
tion of  such  notice,  the  treasurer,  after  full  provision  shall  have  been 
made  for  redeeming  the  circulating  notes  of  such  company,  shall 
make  a  ratable  dividend  of  the  moneys  so  paid  over  to  him  by  such 
receiver  or  receivers,  inclusive  of  moneys  received  by  him  on  sales 
of  stock  transferred  to  and  deposited  with  him  by  such  company  on 
all  such  claims  as  may  have  been  so  proved  ;  and  from  time  to  time, 
as  the  proceeds  of  the  assets  of  said  company  shall  be  paid  over  to 
him,  the  said  treasurer  shall  make  further  dividends,  as  aforesaid,  on 
all  claims  previously  proved,  and  the  remainder,  if  anything,  shall  be 


19 

paid  over  to  the  stockholders  of  the  company  or  their  legal  represen- 
tatives, in  proportion  to  the  stock  by  them  severally  held  ;  provided, 
however,  that  if  any  independent  banking  company,  against  which 
proceedings  have  been  instituted  as  prescribed  in  this  section,  on  ac- 
count of  any  supposed  act  of  insolvency,  shall  deny  having  cornmit- 
ed  such  act,  such  company  may  apply  to  any  court  of  competent  ju- 
risdiction to  enjoin  further  proceedings  in  the  premises ;  and  such 
court,  after  citing  the  Treasurer.  Secretary,  and  Auditor  of  State,  to 
show  cause  why  further  proceedings  should  not  be  enjoined,  and  after 
the  finding  of  a  jury  that  such  company  has  not  suspended  the  pay- 
ment of  its  notes  when  legally  presented,  in  gold  and  silver  coin, 
shall  make  an  order  enjoining  said  Treasurer,  Auditor  and  Secretary 
of  State,  and  any  receiver  or  receivers  appointed  by  them,  from  all 
further  proceedings  on  account  of  such  supposed  act  of  insolvency. 

SEC.  42.  If  the  original  capital  stock  of  any  of  such  indepen- 
dent banking  companies  shall,  in  any  manner  be  diminished,  or  any 
portion  thereof  be  withdrawn  for  any  purpose  whatever,  while  any 
debts  or  demands  againt  such  company  remain  unsatisfied,  no  divi- 
dends shall  thereafter  be  made  on  the  shares  of  the  capital  stock  of 
such  company  until  the  original  amount  of  the  capital  stock  shall 
be  restored,  either  by  contribution  of  the  shareholders  or  out  of  the 
profits  of  the  business  of  such  company  ;  and  in  case  any  dividend 
shall  be  made  while  the  capital  stock  shall  remain  so  diminished  or 
withdrawn,  it  shall  be  the  duty  of  any  court,  having  competent  juris- 
diction, to  issue  the  necessary  orders  and  decrees  for  closing  the 
affairs  of  such  company  and  dividing  its  effects  among  its  creditors 
and  shareholders,  as  in  this  act  provided. 

SEC.  43.  All  fees  for  protesting  the  notes  issued  by  any  such  in- 
dependent banking  company  shall  be  paid  by  the  person  procuring 
the  protest  to  be  made,  and  such  company  shall  be  liable  therefor; 
but  no  part  of  the  stocks  pledged  by  such  company  to  the  treasurer 
shall  be  applied  to  the  payment  of  such  fees  ;  and  all  expenses  in 
curred  in  conducting  the  sale  of  any  such  pledged  stocks  and  adver- 
tisements thereof,  shall  be  paid  out  of  the  proceeds  of  such  sales. 

SEC.  44.  The  stockholders,  collectively,  of  any  independent 
banking  company,  shall  at  no  time  be  liable  to  such  company,  either 
as  principal  debtors  or  sureties,  or  both,  to  an  amount  greater  than 
three-fifths  of  the  amount  of  capital  stock  actually  paid  in  and  re- 
maining undiminished  by  losses  or  otherwise,  nor  shall  the  directors 
be  so  liable  except  to  such  amount,  and  in  such  manner  as  shall  be 
prescribed  by  the  by-laws  of  such  company,  adopted  by  its  stock- 
holders to  regulate  such  liabilities ,  and  it  shall  be  the  duty  of  the 
Auditor,  Treasurer,  and  Secretary  of  State,  or  a  majority  of  them, 
as  often  as  once  in  each  year,  to  appoint  some  suitable  person  in  the 
vicinity  of  each  independent  banking  company,  who  shall  not  be  a 
stockholder  in  any  bank  of  this  State,  who  shall  have  power  to 
make  a  thorough  examination  into  all  the  affairs  of  the  bank  which 
he  may  be  appointed  to  examine,  and  in  so  doing  to  examine  any  of 
the  officers  and  agents  of  such  bank  on  oath,  and  such  agent  shall 
make  a  detailled  report  of  the  condition  of  such  bank  to  the  Auditor 


20 

of  State ;  and  the  banking  companies  deriving  their  powers  and 
privileges  from  this  act  shall  not  be  subject  to  any  other  visitorial 
powers  than  such  as  are  authorized  by  this  act,  except  such  as  are 
vested  in  the  several  courts  of  law  and  chancery  ;  and  every  agent 
appointed,  as  in 'this  section  provided,  shall  receive  for  his  services 
at  the  rate  of  two  dollars  for  each  day  by  him  employed  in  such  ex- 
amination, and  two  dollars  for  every  twenty-five  miles  he  shall  neces- 
sarily travel  in  the  performance  of  his  duty,  which  shall  be  paid  by 
the  banking  company  by  him  examined. 

SEC.  45.  Whenever  any  independent  banking  company,  being 
desirous  of  diminishing  the  amount  of  its  circulating  notes,  shall  de- 
liver to  the  Treasurer  of  State  any  portion  of  such  notes  not  Jess 
in  amount  at  any  one  time  than  five  thousand  dollars,  to  be  des- 
troyed, the  treasurer  shall  destroy  the  same  as  prescribed  in  section 
thirty-five,  and  shall  thereupon  retransfer  and  deliver  to  such  com- 
pany certificates  of  funded  debt  deposited  with  him  by  such  com- 
pany, to  an  amount  equal  to  the  amount  of  notes  so  delivered  up  ; 
provided  that  the  amount  of  such  certificates  remaining  with  the 
treasurer  shall  not  thereby  be  reduced  below  the  amount  of  the  cap- 
ital stock  of  such  company  at  the  time  paid  in,  nor  in  any  case  below 
the  sum  of  fifty  thousand  dollars,  nor  in  value,  estimating  the  same 
at  their  then  current  price  in  the  city  of  New  York,  below  the  amount 
of  circulating  notes  still  retained  by  such  company ,  nor  shall  the 
treasurer  be  required  to  retransfer  such  certificates  in  fractional 
sums  of  less  than  one  thousand  dollars ;  and  whenever  any  such 
company,  being  desirous  of  relinquishing  its  banking  business,  shall 
have  paid  at  least  ninety  per  cent,  of  the  maximum  amount  of  its  cir- 
culating  notes,  and  shall  have  delivered  the  same  to  the  Treasurer  of 
State  to  be  destroyed,  shall  have  provided  means  and  given  security 
to  the  satisfation  of  the  Treasurer,  Secretary,  and  Auditor  of  State, 
for  the  redemption  of  its  oustanding  notes  of  circulation,  at  the  place 
where  the  office  of  such  company  was  established,  and  shall  have 
given  notice  thereof  by  advertisement,  for  six  consecutive  months, 
in  two  newspapers  of  general  circulation  published  at  Columbus, 
and  at  least  one  published  in  the  city,  town,  or  village  where  the 
office  of  such  company  is  located  ;  and  it  shall  be  lawful  for  the  Treas- 
urer of  State  to  retransfer  and  deliver  to  such  company  all  the  cer- 
tificates of  funded  debt  previously  pledged  with  him  by  such  compa- 
ny, and  thereupon  all  the  corporate  powers  of  such  company,  ex- 
cept such  as  shall  be  necessary  to  close  up  affairs,  shall  cease. 

GENERAL    PROVISIONS. 

SEC.  46.  The  capital  stock  of  each  banking  company  shall  be 
divided  into  shares  of  one  hundred  dollars  each  and  shall  be  assign- 
able on  the  books  of  the  company  in  such  manner  as  its  by-laws 
shall  prescribe,  but  no  shareholder  shall  have  power  to  sell  or  trans- 
fer any  shares  held  in  his  own  right  so  long  as  he  shall  be  liable, 
either  as  principal  debtor,  surety,  or  otherwise  to  the  company,  for 
any  debt  which  shall  have  become  due  and  remains  unpaid  ,  nor  in 
such  case  shall  such  shareholder  be  entitled  to  receive  any  dividend, 
interest  or  profit  on  such  shares,  so  long  as  such  liabilities  shall  con- 


21 

tinue,  but  all  such  dividends,  interests  or  profits  shall  be  retained 
by  the  company,  and  applied  to  the  discharge  of  such  liabilities, 
and  no  stocks  shall  be  transferred  without  the  consent  of  a  majority 
of  the  directors  while  the  holder  thereof  is  indebted  to  the  company. 

SEC.  47.  No  banking  company  shall  take,  as  security  for  any 
loan  or  discount,  a  lien  on  any  part  of  its  capital  stock,  but  the 
same  security,  both  in  kind  and  amount,  shall  be  required  of  share- 
holders as  of  persons  not  shareholders  ;  and  no  banking  company 
shall  be  the  holder  or  purchaser  of  any  portion  of  its  capital  stock, 
or  of  the  capital  stock  of  any  other  incorporated  company,  unless 
such  purchase  shall  be  necessary  to  prevent  loss  upon  a  debt  previ- 
ously contracted  in  good  faith,  on  security  which  at  the  time  was 
deemed  adequate  to  insure  the  payment  of  such  debt,  independent 
of  any  lien  upon  such  stock,  or  in  case  of  forfeitures  of  stock  for  the 
nonpayment  of  instalments  due  thereon,  as  provided  in  the  ninth 
section  ;  and  stock  so  purchased  shall  in  no  case  be  held  by  the 
company  so  purchasing  for  a  longer  period  of  time  than  six  months, 
if  the  same  can  be  sold  for  what  the  stock  cost,  or  at  par. 

SEC.  48.  In  all  elections  of  directors,  and  in  deciding  all  ques- 
tions at  a  meeting  of  the  stockholders,  each  share  shall  entitle  the 
owner  thereof  to  one  vote  ;  stockholders  may  vote  by  proxies  duly 
authorized  in  writing,  but  no  officer,  clerk,  teller  or  book  keeper  of 
the  company  shall  act  as  proxy,  and  no  stockholder  whose  liability 
to  the  company  is  past  due  and  unpaid  shall  be  allowed  to  vote. 

SEC.  49.  The  affairs  of  every  company  formed  and  organized  to 
carry  on  the  business  of  banking  under  the  provisions  of  this  act, 
shall  be  managed  by  not  less  than  five  nor  more  than  nine  directors. 
Every  director  shall,  during  his  whole  term  of  service,  be  a  citizen 
of  the  United  States  and  a  resident  of  this  State.  At  least  three- 
fourths  of  the  directors  shall  have  resided  in  this  State  two  years 
next  previous  to  their  election  as  directors  ;  each  director  shall  own 
in  his  own  name  and  right  at  least  one  per  cent,  of  the  capital  stock 
of  the  company,  up  to  two  hundred  thousand  dollars,  and  the  half  of 
one  percent,  on  its  capital  stock  over  two  hundred  thousand  dollars. 
The  directors  of  each  banking  company,  collectively,  shall  own  at 
least  one  tenth  of  its  capital  stock.  Each  director  shall  take  an  oath 
that  he  will,  so  far  as  the  duty  devolves  on  him,  diligently  and  hon- 
estly administer  the  affairs  of  the  company,  and  not  knowingly  vio- 
late or  willingly  permit  to  be  violated  any  of  the  provisions  of  this 
act ;  that  he  is  the  bona  fide  owner,  in  his  own  right,  of  the  stock 
standing  in  his  name  on  the  books  of  the  company,  and  that  the 
same  is  not  hypothecated,  or  in  any  way  pledged  as  security,  for  any 
loan  obtained  or  debt  owing  ;  which  oath,  subscribed  by  himself  and 
certified  by  the  magistrate  before  whom  it  is  taken,  shall  be  filed 
and  carefully  pereserved  in  the  office  of  the  recorder  of  the  county 
in  which  the  banking  company  is  located. 

SEC.  50.  The  directors  of  any  banking  company  first  elected 
shall  hold  their  places  until  the  first  Monday  in  January,  next  there- 
after, and  until  their  successors  shall  be  elected  and  qualified  ;  all 
subsequent  elections  shall  be  held  annually  on  the  first  Monday  of 


22 

January,  and  the  directors  so  elected  shall  hold  their  places  for  one 
year,  and  until  their  successors  are  elected  and  qualified  ;  but  any 
director  removing  from  the  State,  or  ceasing  to  be  the  owner  of  the 
requisite  amount  of  stock,  shall  thereby  vacate  his  place.  Any  va- 
cancy in  the  board  shall  be  filled  by  appointment  by  the  remaining 
directors  ;  the  director  so  appointed,  shall  hold  his  place  until  the 
next  annual  election  :  and  if  from  any  cause  an  election  of  direc- 
tors shall  not  be  made  at  the  time  appointed,  the  company  shall  not 
for  that  cause  be  dissolved,  but  an  election  may  be  held  on  any  sub- 
sequent day,  thirty  days'  notice  thereof  having  been  given  in  a 
newspaper  printed  in  the  county  where  the  company  is  located. 

SEC.  51.  Every  banking  company  authorized  to  carry  on  the 
business  of  banking  under  the  provisions  of  this  act,  whether  as  a 
branch  of  the  State  bank  of  Ohio,  or  as  an  independent  banking 
company,  shall  be  held  and  adjudged  to  be  a  body  corporate  with 
succession  until  the  first  day  of  May  in  the  year  one  thousand  eight 
hundred  and  sixty  six,  and  thereafter  until  its  affairs  shall  be  closed ; 
and  by  its  corporate  name  shall  be  competent  to  contract,  prosecute 
and  defend  suits  and  actions  of  every  description  as  fully  as  natural 
persons,  and  process  against  such  company  may  be  served  upon  its 
president  or  cashier,  or  by  leaving  a  copy  thereof  at  its  usual  place 
of  business  during  the  usual  business  hours.  Each  of  said  banking 
companies  shall,  until  the  first  day  of  May,  in  the  year  one  thou- 
sand eight  hundred  and  sixty-six,  if  so  long  it  shall  comply  with  the 
provisions  of  this  act,  have  power  to  loan  money,  buy,  sell  and  dis- 
count bills  of  exchange,  notes,  and  all  other  written  evidences  of 
debt,  except  such  as  it  shall  be  prohibited  by  this  act  from  buying, 
selling  or  discounting;  receive  deposits  :  buy  and  sell  gold  and  sil- 
ver coin  and  bullion  :  collect  and  pay  over  money,  and  transact  all 
other  business  properly  appertaining  to  banking,  subject,  however, 
to  the  provisions  and  restrictions  contained  in  this  act ;  may  ac- 
quire, hold  and  convey  such  real  estate  as  may  be  necessary  to  the 
convenient  transaction  of  its  business,  and  no  more,  but  may,  how- 
ever, acquire  title  to  any  real  estate  pledged  to  secure  any  debt  pre- 
viously contracted  or  purchased  on  an  execution  or  order  of  sale, 
to  satisfy  any  judgment  or  decree  in  its  favor,  or  which  shall  have 
been  conveyed  to  it  in  payment  of  any  previous  debt,  but  shall  not 
hold  any  real  estate  so  acquired  longer  than  19  necessary  to 
avoid  a  loss  of  any  part  of  the  debt,  interests  and  costs,  for  the 
collection  or  security  of  which  it  was  acquired,  but  at  any  time 
before  selling  the  same,  upon  being  tendered  by  the  last  preceding 
owner,  or  his  legal  representatives,  such  sum  as  shall  be  necessary 
to  save  such  company  from  loss  of  any  part  of  the  debt,  interest, 
taxes,  costs  and  other  necessary  charges  for  the  collection  or  security 
of  which  such  real  estate  was  acquired,  such  company  shall  release 
to  such  owner,  his  legal  representatives  or  assigns,  all  its  right,  title 
and  interest  therein. 

SEC.  52.  Notes  of  one  dollar,  two  dollars,  three  dollars,  five  dol- 
lars, ten  dollars,  twenty  dollars,  fifty  dollars,  and  one  hundred  dol- 
lars each,  and  no  note  of  any  other  denomination  may  be  issued  by 


23 

any  banking  company  deriving  any  of  its  powers  or  privileges  from 
this  act  ;  of  the  notes  issued  by  any  such  banking  company,  not  more 
than  ten  per  cent,  of  the  amount  shall  be  in  notes  of  one  dollar  each  ; 
not  more  than  five  per  cent,  in  notes  of  two  dollars  each  ;  not  more 
than  ten  per  cent,  in  notes  of  three  dollars  each ;  not  more  than 
twenty  per  cent,  shall  be  in  notes  of  all  denominations  under  five 
dollars  ;  not  more  than  fifty  per  cent,  in  notes  of  all  denominations 
under  ten  dollars. 

SEC.  53.  No  banking  company  deriving  any  of  its  powers  or 
privileges  from  this  act,  shall  at  any  time  issue  or  have  in  circulation 
any  note,  draft,  bill  of  exchange,  acceptance,  certificate  of  deposit,  or 
other  evidence  of  debt  which,  from  its  character  or  appearance  shall 
be  calculated  or  intended  to  circulate  as  money,  other  than  such 
notes  of  circulation  as  are  by  this  act  described,  and  which  such 
companies  are  expressly  authorized  to  issue  for  the  purpose  of  being 
circulated  as  money. 

SEC.  54.  Each  independent  banking  company  shall  receive  at 
par,  at  the  office  or  banking  house  of  such  company,  in  payment 
for  debts  due  for  notes  of  hand,  bills  of  exchange,  or  other  evidences 
of  debt,  discounted  or  purchased  by  or  belonging  to  such  compa- 
ny, the  notes  of  circulation  issued  by  any  other  independent  bank- 
ing company  authorized  to  issue  such  notes  by  this  act  which 
shall  at  the  time  redeem  its  notes  in  gold  and  silver  coin  ;  and  eve- 
ry branch  bank  of  the  State  Bank  of  Ohio  shall  receive  at  par  at 
the  office  or  banking  house  of  such  company  in  payment  of  debts 
due  for  notes  of  hand,  bills  of  exchange,  or  other  evidences  of  debt 
discounted  or  purchased  by,  or  belonging  to,  such  branch  bank,  the 
notes  of  circulation  issued  by  any  other  branch  of  the  State  Bank  of 
Ohio. 

SEC.  55.  Each  banking  company  shall  at  all  times,  have  on  hand, 
in  gold  and  silver  coin,  or  their  equivalent,  one  half  at  least  of  which 
shall  be  in  gold  and  silver  coin  in  its  vault,  an  amount  equal  to  at 
least  thirty  per  cent,  of  the  amount  of  its  outstanding  notes  of  cir- 
culation ;  and  whenever  the  amount  of  its  outstanding  notes  of  cir- 
culation shall  exceed  the  above  named  proportion,  for  the  space  of 
twelve  days,  or  whenever  the  said  gold  and  silver  coin,  or  their 
equivalent,  shall  at  any  time  fall  below  the  amount  of  twenty  per 
cent,  of  its  circulation,  no  more  of  its  notes  shall  be  paid  out,  or  oth- 
erwise put  in  circulation,  by  such  banking  company,  nor  shall  such 
company  increase  its  liabilities,  by  making  any  new  loans  or  dis- 
counts, other  than  discounting  or  purchasing  bills  of  exchange,  pay- 
able at  sight,  nor  make  any  dividend  of  its  profits,  until  the  required 
proportion  between  its  outstanding  notes  of  circulation,  and  gold  and 
silver  coin,  or  their  equivalent  on  hand,  shall  be  restored.  Actual 
deposites  with  any  solvent  bank  or  banker,  of  established  credit  in 
the  cities  of  New  York,  Boston,  Philadelphia  or  Baltimore,  subject 
to  be  drawn  against  at  sight  payable  in  gold  and  silver  coin,  shall  be 
deemed  equivalent  to  gold  and  silver  coin,  wherever  these  terms  are 
used  in  this  act. 

SEC.  56.    No  banking  company,  deriving  any  of  its  powers  or 


24 

privileges  from  this  act,  shall  at  any  time  be  indebted  or  in  any  way 
liable  to  an  amount  exceeding,  if  a  branch  of  the  State  Bank  of  Ohio, 
two-thirds,  or  if  an  independent  banking  company,  the  whole  amount 
of  its  capital  stock  at  such  time  actually  paid  in,  and  remaining  as 
capital  stock  undiminished  by  losses  or  otherwise,  except  on  the  fol- 
lowing accounts,  that  is  to  say : 

First  —  On  account  of  its  notes  of  circulation ; 

Second — On  account  of  moneys  deposited  with  or  collected  by  such 
company. 

Third — On  account  of  bills  of  exchange  or  drafts,  drawn  against 
money  actually  in  deposite  to  the  credit  of,  or  due  such  company  ; 

Fourth — Liabilities  to  its  stockholders  on  account  of  money  paid 
in,  on  capital  stock  and  dividends  thereon. 

SEC  57.  No  banking  company  shall  either  directly  or  indirectly, 
pledge,  hypothecate  or  exchange,  any  of  its  notes  of  circulation  for 
the  purpose  of  procuring  money,  to  be  paid  in  on  its  capital  stock, 
or  to  be  used  in  its  ordinary  banking  operations,  or  for  the  purpose 
of  purchasing  certificates  of  State  stock  to  be  deposited  with  the 
Treasurer  of  State,  or  with  the  board  of  control ;  nor  shall  any 
banking  company  apply  or  permit  to  be  applied,  hypothecated  or 
pledged,  any  portion  of  its  capital  stock  to  the  purchase  of  certificates 
of  State  stock,  to  be  deposited  with  the  Treasurer  of  State  as  collat- 
eral security  for  the  redemption  of  its  notes  of  circulation. 

SEC.  58.  No  banking  company  shall,  during  the  time  it  shall  con- 
tinue its  operations  as  a  bank,  withdraw  or  permit  to  be  withdrawn, 
either  in  form  of  dividends,  loans  to  stockholders  for  a  longer  period 
of  time  then  six  months,  or  in  any  other  manner,  any  portion  of  its 
capital  stock  ;  and  if  losses  shall  at  any  time  have  been  sustained  by 
any  banking  company,  equal  to  or  exceeding  its  undivided  profits 
then  on  hand,  no  dividend  shall  be  made,  and  no  dividend  shall  ever 
be  made,  by  any  banking  company  while  it  shall  continue  its  bank- 
ing operations  to  an  amount  greater  then  its  net  profits  then  on 
hand,  deducting  therefrom  its  losses,  bad  and  suspended  debts  ;  and 
all  debts  due  to  a  banking  company,  on  which  interest  is  past  due 
and  unpaid  for  a  period  of  six  months,  unless  the  same  shall  be  well 
secured,  and  shall  be  in  the  process  of  collection,  shall  be  considered 
bad  or  suspended  debts  within  the  meaning  of  this  section. 

SEC.  59.  The  directors  of  each  banking  company  shall,  semi-an- 
nually  on  the  first  Monday  in  May  and  November,  declare  a  divi- 
dend of  so  much  of  the  net  profits  of  the  company  as  they  shall  judge 
expedient ;  and,  on  each  dividend  day,  the  cashier  shall  make,  and 
verify,  by  his  oath,  a  full,  clear,  and  accurate  statement  of  the  con- 
dition of  the  company,  as  it  shall  be  on  that  day,  after  declaring  the 
dividend  ;  and  similar  statements  shall  also  be  made  on  the  first  Mon- 
days of  February  and  August,  in  each  year ;  which  statement  shall 
contain — 

First--The  amount  of  the  capital  stock  actually  paid  in,  and  then 
remaining,  as  the  capital  stock  of  the  company  ; 

Second — The  amount  of  the  bills  or  notes  of  the  company,  then  in 
circulation,  specifying  the  amount  of  each  denomination; 


25 

Third — The  greatest  amount  in  circulation,  at  any  time,  since  the 
making  of  the  last  previous  statement,  as  shall  have  been  exhibited 
by  the  weekly  statements  of  the  cashiers,  specifying  the  times  when 
the  same  accrued ; 

Fourth — The  amount  of  balances  and  debts  of  every  kind  due  to 
the  branches  of  the  State  Bank  of  Ohio,  the  amount  due  to  other 
banking  companies  of  the  State,  and  the  amount  due  to  banks  not  of 
this  State  ; 

Fifth — The  amount  due  to  depositors  ; 

Sixth — The  total  amount  of  debts  and  liabilities  of  every  descrip- 
tion, and  the  greatest  amount  since  the  making  of  the  last  previous 
statement,  specifying  the  time  when  the  same  occurred  ; 

Seventh — The  total  amount  of  dividends  declared  on  the  day  of 
making  the  statement ; 

Eight — The  amount  of  gold  and  silver  coin  and  bullion,  belong- 
ing to  such  company,  and  in  possession,  at  the  time  of  making  the 
statement,  designating  the  amount  of  each  ; 

Ninth — The  amount  subject  to  be  drawn  at  sight,  in  gold  and 
silver,  then  remaining  on  deposit  with  solvent  specie  paying  banks, 
or  bankers  in  the  cities  of  New  York,  Philadelphia,  Boston  and  Bal- 
timore ; 

Tenth — The  amount  then  on  hand,  of  bills  or  notes,  issued  by 
branches  of  the  State  Bank  of  Ohio,  the  amount  issued  by  other 
banking  companies  of  this  State,  and  the  amount  issued  by  banks 
not  of  this  State  ; 

Eleventh — The  amount  of  balances  due  from  branches  of  the 
State  Bank  of  Ohio,  the  amount  due  from  other  banking  companies 
of  this  State,  and  the  amount  from  banks  not  of  this  State,  exclud- 
ing, in  the  latter  case,  deposits  in  the  cities  of  New  York,  Phila- 
delphia, Boston  and  Baltimore,  subject  to  sight  drafts,  payable  in 
specie  ; 

Twelfth — The  amount  on  hand  of  bills,  bonds,  notes,  and  other 
evidences  of  debt,  discounted  or  purchased  by  the  company,  speci- 
fying particularly  the  amount  of  suspended  debt,  the  amount  con- 
sidered bad,  the  amount  considered  doubtful,  and  the  amount  in  suit 
or  judgment; 

Thirteenth — The  value  of  the  real  and  personal  property,  held  for 
the  convenience  of  the  company,  specifying  the  amount  of  each  ; 

Fourteenth — The  amount  of  real  estate,  taken  in  payment  of' debts 
due  the  company ; 

Fifteenth — The  amount  of  the  undivided  profits  of  the  company ; 

Sixteenth — The  total  amount  of  the  liabilities  to  the  company  by 
the  directors  thereof,  collectively,  specifying  the  gross  amount  of 
such  liabilities  as  principal  debtors,  and  the  gross  amount  as  endor- 
sers or  sureties. 

Seventeenth — The  total  amount  of  liabilities  to  the  company  of 
the  stockholders  thereof  collectively,  specifying  the  gross  amount 
of  such  liabilities  as  principal  debtors,  and  the  gross  amount  as  en- 
dorsers or  sureties  ;  which  statement  shall  be  forthwith  transmitted 
to  the  Auditor  of  State. 


26 

SEC.  HO.  Each  banking  company  organized  under  this  act,  or  ac- 
cepting thereof,  and  complying  with  its  provisions  shall,  semi-an- 
nually,  on  the  days  designated  in  the  fifty-ninth  section  for  declaring 
dividends,  set  off  to  the  State  six  per  centum  on  the  profits,  de- 
ducting therefrom  the  expenses  and  ascertained  losses  of  the  com- 
pany for  the  six  months  next  preceding;  which  sum  or  amount  so 
set  off  shall  be  in  lieu  of  all  taxes  to  which  such  company,  or  the 
stockholders  thereof,  on  account  of  stock  owned  therein  would  oth- 
erwise be  subject ;  and  the  cashier  shall,  within  ten  days,  thereafter, 
inform  the  Auditor  of  State  of  the  amount  so  set  off,  and  shall  pay 
the  same  to  the  Treasurer  of  State  on  the  order  of  said  Auditor ; 
but  in  computing  the  profits  of  the  company,  for  the  purpose  afore- 
said, the  interest  received  on  the  certificates  of  the  funded  debt  of 
this  State  held  by  the  company,  or  deposited  with  and  transferred 
to  the  Treasurer  of  State,  or  to  the  Board  of  Control  by  such  com- 
pany, shall  not  be  taken  into  the  account. 

SEC.  61.  Every  banking  company  deriving  any  of  its  powers  and 
privileges  from  this  act  may  take,  reserve,  receive  and  charge  on 
any  loan  or  discount  made,  or  upon  any  note,  or  bill  of  exchange, 
or  other  evidence  of  debt,  at  the  rate  of  six  per  centum  per  annum 
on  the  amount  of  any  such  note,  bill  of  exchange,  or  other  evidence 
of  debt,  so  discounted,  and  no  more;  provided,  however,  that  inter- 
est may  be  reserved  or  taken  in  advance  at  the  time  of  making  the 
loan  or  discount,  according  to  the  usual  rules  of  banking,  or  as 
calculated  in  Rowlett's  tables  ;  and  the  knowingly  taking,  reserving 
or  charging,  on  any  debt  or  demand  payable  to  such  company,  of  a 
rate  of  interest  greater  than  that  allowed  by  this  section  shall  be 
held  and  adjudged  a  forfeiture  of  such  debt  or  demand,  but  the  pur- 
chase, discount,  or  sale,  of  a  bill  of  exchange  payable  at  another 
place  than  the  place  of  such  purchase,  discount  or  sale  at  the  cur- 
rent discount  or  premium,  shall  not  be  considered  a  taking,  reserv- 
ing or  receiving  interest,  provided  no  agreement  or  understanding 
shall  be  made  that  the  same  shall  be'  paid  at  any  other  place  than 
that  at  which  it  was  made  payable;. 

SEC  62.  The  total  liabilities  of  any  person,  or  of  any  company 
or  firm  (including  in  the  liabilities  of  a  company  or  firm  the  liabil- 
ities of  the  several  members  thereof)  to  any  banking  company  de- 
riving any  of  its  powers  or  privileges  from  this  act,  inclusive  of  lia- 
bilities as  acceptor  or  acceptors  of  bona  fide  bills  of  exchange  pay- 
able out  of  this  state,  shall  at  no  time  exceed  one-half,  exclusively  of 
liabilities  as  acceptor  or  acceptors  one-fifth,  and  exclusive  of  liabili- 
ties on  such  bills  of  exchange  one-tenth  part  of  the  amount  of  the 
notes  which  such  company  is  authorized  to  circulate,  at  the  time  of 
such  liabilities. 

SEC.  63.  No  banking  company  shall,  at  any  time,  pay  out  on 
loans  or  discounts,  or  in  purchasing  of  drafts  or  bills  of  exchange, 
or  in  payment  of  depositors,  nor  shall  it  in  any  other  mode  put  in 
circulation,  the  notes  of  any  bank  or  banking  company  either  in  or 
out  of  this  State,  which  notes  shall  not  at  that  time  be  receivable  at 
par  in  payment  of  debt.?,  and  by  the  company  so  paying  out  or  cir- 


27 

culating  such  notes,  nor  shall  it  knowingly  pay  out  or  put  in  circu- 
lation any  notes  issued  by  any  bank  or  bunking  company  which,  at 
the  time  of  such  paying  out  or  puling  in  circulation  is  not  redeem- 
ing its  notes  in  gold  and  silver,  nor  any  notes  issued  by  any  bank 
out  of  this  State  of  a  denomination  less  than  five  dollars. 

SEC.  64.  All  notes,  bills,  and  other  evidences  of  debt,  excepting 
bills  of  exchange,  discounted  by  any  banking  company,  shall  be 
made  by  the  terms  thereof,  or  by  special  endorsement,  payable  solely 
to  such  company,  and  no  such  evidence  of  debt  shall  be  assignable 
except  for  collection,  or  for  the  following  purposes  : 

First  —  To  pay  and  redeem  the  circulating  notes  of  such  com- 
pany. 

Second — To  pay  other  liabilities  of  the  said  company;  and  after 
such  liabilities  shall  have  been  discharged  — 

Third  —  To  divide  among  the  shareholders  on  their  stock. 

SEC.  65.  All  transfers  of  the  notes,  bonds,  bills  of  exchange,  and 
other  evidences  of  debt  owing  to  any  banking  company,  or  of  depos- 
its to  its  credit ;  all  assignments  or  mortgages  or  other  securities  on 
real  estate,  or  of  judgments  or  decrees  in  its  favor;  all  deposits  of 
money,  bullion,  or  other  valuable  thing  for  its  use,  or  for  the  use  of 
any  of  its  stockholders  or  creditors  ;  all  payments  of  money  to  either, 
made  after  the  commission  of  an  act  of  insolvency  or  in  contempla- 
tion thereof,  with  a  view  to  prevent  the  application  of  its  assets  in  the 
manner  prescribed  by  this  act,  or  with  a  view  to  the  preference  of 
one  creditor  to  another,  except  in  payment  of  its  circulating  notes, 
shall  be  held  utterly  null  and  void. 

SEC.  66.  If  the  directors  of  any  banking  company  which  shall 
have  availed  itself  of  any  of  the  privileges  granted  by  this  act,  shall 
knowingly  violate,  or  knowingly  permit  any  of  the  officers,  agents  or 
servants  of  such  company,  to  violate  any  of  the  provisions  of  this 
act,  all  the  rights,  privileges  and  franchises  of  said  company,  derived 
from  this  act,  shall  thereby  be  forfeited;  such  violation  shall,  how- 
ever, be  determined  and  adjudged  by  a  court  of  competent  jurisdic- 
tion, agreeably  to  the  laws  of  this  State  and  the  practice  of  such  court, 
before  the  corporation  shall  be  declared  dissolved ;  and  in  case  of  such 
violation,  every  director  who  participated  in,  or  assented  to  the  same, 
shall  be  held  liable  in  his  personal  and  individual  capacity  for  all 
damages  which  the  company,  its  shareholders,  or  any  other  persons, 
body  politic  or  corporate,  shall  have  sustained  in  consequence  of  such 
violation. 

SEC.  67.  Every  president,  director,  cashier,  teller,  clerk  or  agent 
of  any  banking  company,  who  shall  embezzle,  abstract,  or  wilfully 
misapply  any  of  the  moneys,  funds,  or  credits  of  such  company,  or 
shall,  without  authority  from  the  directors,  issue  or  put  in  circulation 
any  of  the  notes  of  such  company,  or  shall,  without  such  authority, 
issue  or  put  forth  any  certificate  of  deposit,  draw  any  order  or  bill  of 
exchange,  make  any  acceptance,  assign  any  note,  bond,  draft,  bill  of 
exchange,  mortgage,  judgment  or  decree,  or  shall  make  any  false  en- 
try on  any  book,  report  or  statement  of  the  company  with  an  intent 
in  either  case  to  injure  or  defraud  such  company,  or  to  injure  or  de- 


28 

fraud  any  other  company,  body  corporate  or  politic,  or  any  individu- 
al person,  or  to  deceive  any  officer  or  agent  appointed  to  inspect  the 
affairs  of  any  banking  company  in  the  Slate,  shall  be  deemed  guilty 
of  a  misdemeanor,  and  upon  conviction  thereof,  shall  be  confined  in 
the  penitentiary  at  hard  labor,  not  less  than  five  nor  more  then  ten 
years. 

SEC.  68.     The    Stockholders   of  the   Bank   of  Geauga — of  the 
Western  Reserve  Bank — of  the  Columbiana  Bank  of  New  Lisbon — 
of  The  Lafayette  Bank  of  Cincinnati,  and  of  the  Ohio  Life  Insur- 
ance and  trust  Company  shall,  in  each  case  be  considered  as  hav- 
ing associated  and  formed  a  company  for  the  purpose  of  banking 
under  the  provisions  of  this  act,  with  such  amount  of  capital  stock, 
by  such  name  and  at  such  place,  within  the  county  where  such 
banking  company  is  now  located,  as  shall   be  determined  on  by  a 
majority  of  the  directors  or  trustees  :  and  after  making,  acknowl- 
edging and  filing  with  the  county  recorder  a  certificate  setting  forth 
the  name,  amount  of  capital,  and  the  place  of  banking  of  such  com- 
pany, and  transmitting  to  the  Board  of  Commissioners  a  copy  there- 
of as  prescribed  in  the  seventh  section  ;  and  after  baid  commission- 
ers shall  have   examined  the  condition  of  such  company,  and  found 
that  as  to  the  amount  of  its  capital,  its  gold  and  silver  coin,  or  their 
equivalent,  on  hand,  the  requirements  of  this  act  have  been  com- 
plied with,  such  company  shall  be  authorized  to  recommence,  and 
during  the  time  limited  by  this  act,  carry  on  the  business  of  bank- 
ing, subject  to  the  limitations,  resirictions  and  liabilities  herein   pre- 
scribed ;  and  on  depositing  with  the  Treasurer  of  State,  (subject,  in 
case   such  company  shall  elect   to   become  a  branch,  of  the  State 
Bank  of  Ohio  to  the  order  of  the  Board  of  Control,)  certificates  of 
funded  debt,  or  money  to  an  amount  equal  to  the  amount  required 
•of  new  companies  formed  and  organized  under  the  provisions   of 
this  act,  as  compared  with  the  amount  of  their  circulating  notes, 
such  company  may  immediately  proceed  to   issue  its  notes  of  circu- 
lation to  any  amount  within   the  limits  in  such  cases   prescribed  by 
this  act :  But  when  the  Board  of  Control  or  the  Treasurer  of  State, 
as   the  case  may  be,  shall  be  prepared  to  furnish  notes  for  circula- 
tion,  the   notes  previously  issued  by  such  company  shall  not  be  re- 
issued or  in  any  way  put  in  circulation  by  such  company,  but  shall 
be  transmitted  to  the  Treasurer  of  State,  or  to  the  Board  of  Con- 
trol, to  be  destroyed,  as   in  the  case  of  defaced  or  mutilated  notes, 
and   new  notes  received  in  lieu  thereof:  Provided,  however,  that 
the  capital  set  apart  for  banking  purposes  by  the  Ohio  Life  Insur- 
ance and  Trust  Company,  and   the  capital  of  the  Lafayette   Bank 
of  Cincinnati,  may  each  extend  to  any  sum  not  less  than  three  hun- 
dred thousand  dollars,  nor    exceeding  one  million  dollars;  but  the 
circulating  notes  of  neither  of  said  companies  shall  at  any  time  ex- 
ceed six  hundred  and  fifty  thousand  dollars.     In  determining  the 
number,   qualifications  and  liabilities  of  the  directors  or  trustees   of 
the  two  last  named  companies,  they  shall  each  be  governed  by  their 
respective  acts  of  incorporation  :  and  the  Ohio  Life  Insurance  and 
Trust  Company  shall  in  all  things  except  as  to  its  banking  opera- 
tions, be  governed  by  its  original  charter. 


29 

SEC.  69.  That  the  Bank  of  Wooster,  at  Wooster,  the  Bank  of 
Massillon,  at  Massillon,  the  Bank  of  Norwalk,  at  Norwalk,  the  Bank 
of  Circle ville,  at  Circleville,  the  Clinton  Bank  of  Columbus,  at  Co- 
lumbus, the  Bank  of  Xenia,  at  Xenia,  and  the  Bank  of  Sandusky  at 
Sundusky,  rnay,  within  one  year  from  the  passage  of  this  act,  and 
whenever  two-thirds  of  the  directors,  or  the  owners  of  a  majority  of 
the  capital  stock,  of  any  such  bank,  shall  elect  to  do  so,  become  an 
incorporated  bank  under  the  provisions  and  during  the  time  limited 
by  this  act,  and  as  such,  be  entitled  to  use  and  enjoy  all  the  privile- 
ges, and  be  subject  to  all  the  liabilities  and  restrictions  of  the  same  : 
Provided,  that  the  banks  named  in  this  section  may,  as  far  as  the 
liabilities  of  their  directors  incurred  previous  to  their  acceptance 
of  the  provisions  of  this  act,  and  as  to  their  qualifications,  be  gov- 
erned by  the  provisions  of  their  several  original  acts  of  incorpora- 
tion until  the  expiration  of  their  respective  charters  ;  provided  also, 
that  the  acceptance  of  the  provisions  of  this  act  by  the  Ohio  Life  In- 
surance and  Trust  Company,  shall  not  be  construed  to  take  away,  or 
abridge,  the  banking  powers  now  enjoyed  by  said  company,  under 
its  act  of  incorporation,  after  the  franchises  granted  by  this  act  shall 
have  expired. 

SEC.  70.  That  before  any  banking  institution,  named  in  the  next 
preceding  section,  shall  be  entitled  to  the  privileges  granted  by  this 
act,  the  board  of  commissioners,  or  the  board  of  control,  as  the  case 
may  be,  shall  appoint  some  suitable  person  to  examirle  the  assets, 
moneys,  credits,  effects,  and  liabilities  of  such  bank,  and  report  the 
same  to  the  commissioners,  or  board  of  control;  and  every  such 
bank  shall  be  considered  as  having  a  capital  equal  to  the  amount  of 
its  existing  capital  not  exceeding  the  amount  authorized  by  the  act 
incorporating  the  same,  deducting  any  amount  of  losses,  bad  debts, 
or  debts  not  well  secured,  that  may  exist,  greater  in  amount  than 
the  surplus  property  of  said  bank,  undivided  and  on  hand  ;  provided 
that  each  of  the  banks,  named  in  the  preceding  section,  shall  be  al- 
lowed to  fill  up  its  capital  stock  by  new  subscriptions  or  otherwise, 
to  the  amount  authorized  by  the  law  creating  the  same  ;  and,  provi- 
ded further,  that  the  bank  of  Xenia,  and  the  bank  of  Sandusky,  shall 
be  authorized  to  receive  subscriptions  to  the  capital  stock  of  their 
respective  institutions,  to  any  amount  not  exceeding  one  hundred 
thousand  dollars,  in  addition  to  the  amount  authorized  by  their  re- 
spective acts  of  incorporation. 

SEC.  71.  That  before  any  banking  institution,  named  in  the  sixty- 
ninth  section  of  this  act,  shall  be  entitled  to  enjoy  the  privileges  in 
this  act  granted,  it  shall  deposit  with  the  proper  board,  the  amount 
of  safety  fund  required  by  this  act ;  and  every  such  banking  insti- 
tution shall,  whenever  seven  or  more  institutions  shall  have  been 
formed  for  that  purpose,  including  those  designated  by  name  in  this 
act,  that  may  have  accepted  and  complied  with  its  provisions  be- 
come, and  thereafter  be  considered,  a  branch  of  the  State  Bank  of 
Ohio  ;  and,  as  such  enjoy  all  the  rights  and  privileges,  and  be  sub- 
ject to  all  the  liabilities  and  restriciions  provided  for  in  the  same  ; 
provided  that  any  of  the  banks  named  in  the  sixty-ninth  section  of 


30 

his  act,  may,  after  examination  and  report,  as  provided  in  the  next 
preceding  section  of  this  act,  elect  to  become  an  independent  bank  ; 
arid  upon  compliance  with  the  rules  and  regulations  prescribed  for 
the  government  of  independent  banks,  as  far  as  may  be  applicable, 
such  banking  company  shall  be  entitled  to  all  the  privileges,  and  be 
subject  to  all  the  restrictions  of  this  act. 

tit:c.  72.  That  whenever  any  branch  of  the  State  Bank  of  Ohio 
shall  desire  to  close  the  business  of  such  branch  and  withdraw  the 
capital  thereof,  it  may  be  lawful  to  do  so  with  the  consent  and  under 
the  direction  of  the  board  of  control,  but  not  otherwise. 

SEC.  73.  The  commissioners  appointed  by  the  fifth'section  of  this 
act  shall  each  be  entitled  to  receive  two  dollars  for  each  day  actually 
employed,  and  the  like  sum  for  each  fifty  miles  they  shall  travel  in 
the  performance  of  the  duties  enjoined  on  them  by  this  act,  which 
compensation  shall  be  paid  out  of  any  moneys  in  the  Treasury  not 
otherwise  appropriated,  on  the  order  of  the  Auditor  of  State  ;  and 
the  Auditor  shall  assess  an  equal  portion  of  the  amount  so  paid  on 
each  banking  company  that  shall  have  availed  itself  of  the  privileges 
granted  by  this  act ;  and  each  special  agent  appointed  by  said  com- 
missioners to  examine  and  report  the  condition  of  any  company,  as 
provided  in  the  tenth  section,  shall  receive  the  same  compensation 
as  is  allowed  to  a  commissioner,  for  his  services,  which  shall  be  paid 
by  the  company  whose  condition  he  was  appointed  to  examine. 
•  SEC.  74.  Whenever,  by  the  terms  of  this  act,  it  shall  be  required 
to  publish  a  notice  in  a  newspaper  of  any  particular  county,  and 
there  is  no  newspaper  at  such  time  printed  in  such  place,  a  notice 
printed  in  a  newspaper  of  general  circulation  in  such  county  for  the 
time  required,  shall  be  considered  as  sufficient  notice ;  and  when- 
ever to  comply  with  the  provisions  of  this  act,  an  oath  is  required, 
an  affirmation  shall,  in  all  such  cases,  be  considered  a  sufficient  com- 
pliance with  the  same  ;  and  whenever  the  term  funded  debt  is  used 
in  this  act,  as  applicable  to  the  debts  of  this  State,  it  shall  be  con- 
strued to  mean  all  the  debts  of  this  State  due  upon  certificates  of  debt 
on  State  bonds,  and  drawing  not  less  than  five  per  cent,  per  annum 
interest. 

SEC.  75.  The  act  entiled  "  An  act  to  regulate  banking  in  Ohio," 
passed  March  7,  1842,  and  an  act  entitled  "  An  act  to  amend  the  act 
entitled  an  act  to  regulate  banking  in  Ohio,"  passed  February  21, 
1843,  are  hereby  repealed  ;  provided,  that  the  Bank  of  Sandusky, 
the  Lafayette  Bank  of  Cincinnati,  the  Bank  of  Xenia,  the  Bank  of 
Wooster,  and  the  Bank  of  Norwalk,  shall  be  subject  to  all  the  provis- 
ions of  their  respective  original  charters,  and  all  amendatory  acts 
relating  to  the  same  respectively,  not  heretofore  or  by  this  act  repeal- 
ed, until  they  respectively  conform  to  and  accept  the  provisions  of 
this  act;  provided,  further,  that  nothing  contained  in  this  act  shall  be 
so  construed  as  to  permit  any  of  the  banks  of  this  State  to  issue  notes 
of  a  less  denomination  than  five  dollars,  except  such  banks  as  shall 
accept  of  and  comply  with  the  provisions  of  this  act. 

JOHN  M.  GALLAGHER, 
Speaker  of  the  House  of  Representatives. 
DAVID  CHAMBERS, 

February  24,  1845.  Speaker  of  the  Senate. 


31 

AN    ACT 

SUPPLEMENTARY  TO  THE  ACT  TO  INCORPORATE  THE  STATE  BANK 
OF  OHIO,   AND  OTHER  BANKING  COMPANIES. 

SEC.  1.  Be  it  enacted  by  the  General  Assembly  of  the  State  of 
Ohio,  That  the  duties  imposed,  and  the  powers  conferred  by  the  "act 
to  incorporote  the  State  Bank  of  Ohio,  and  other  Banking  companies," 
on  the  commissioners  named  in  the  fifth  section  of  that  act,  so  far 
as  such  powers  and  duties  relate  to  banks,  or  newly  formed  banking 
companies,  electing  to  become  branches  of  the  State  Bank  of  Ohio, 
shall,  from  after  the  time  of  passing  this  act,  devolve  upon,  and  be 
exercised  by  the  board  of  control  of  the  State  Bank  of  Ohio. 

SEC.  2.  If,  after  a  careful  examination  of  the  condition,  and  the 
responsibility  of  the  Stockholders  and  directors  of  any  such  banks, 
or  newly  formed  banking  company,  the  board  of  control  shall  be  of 
opinion  that  its  condition  is  unsound,  or  that  the  character  of  its 
stockholders  or  directors,  for  responsibility  and  integrity,  is  such  as 
not  to  entitle  such  bank,  or  banking  company,  to  public  confidence, 
and  that  the  admission  of  such  bank,  or  banking  company,  to  com- 
mence, and  carry  on  banking  business,  as  a  branch  of  the  State  Bank 
of  Ohio,  will  jeopardize  the  safety  of  the  other  branches,  or  indi- 
viduals who  may  deal  with  such  bank,  or  banking  company,  said 
board,  or  a  majority  of  its  members  concurring,  may  refuse  to  cer- 
tify to  the  governor  that  such  bank,  or  banking  company,  is  entitled 
to  commence,  or  to  carry  on  the  business  of  banking,  and  in  such 
case,  the  board  of  control  shall  lay  before  the  bank  commissioners 
first  named  in  the  fifth  section  of  the  above  recited  act,  (who  for 
this  purpose,  shall  be  continued  in  office  until  all  the  banks  author- 
ized by  said  act  shall  be  organized,)  a  full  statement  of  all  the  facts 
disclosed  by  such  examination,  and  the  reasons  which  shall  have  in- 
duced said  board  of  control  to  believe  that  the  admission  of  such  bank, 
or  banking  company,  will  jeopardize  the  safety  of  the  other  branches, 
or  of  individuals  ;  and  if  said  commissioners,  or  a  majority  of  them, 
shall  concur  with  the  board  of  control,  such  bank,  or  banking  com- 
pany, shall  not  be  authorized  to  commence,  or  to  carry  on  the  bu- 
siness of  banking ;  but  if  a  majority  of  said  commissioners  shall  be 
of  opinion  that  such  bank,  or  banking  company,  is  in  a  sound  con- 
dition, that  its  stockholders  and  directors  are  entitled  to  public  con- 
fidence, and  that  the  requirements  of  the  above  recited  act,  prelimi- 
nary to  the  commencement  of  banking  operations  under  said  act, 
have  been  in  all  respects,  complied  with,  they  shall  so  certify  to  the 
governor,  who  shall  govern  himself  accordingly  as  in  other  cases 
arising  under  said  act. 

SEC.  3.  This  act  shall  take  effect  and  be  in  force  from  and  after 
the  time  the  board  of  control,  a  majority  of  said  board  concurring, 
shall  file  their  assent  to  its  provisions  with  the  Secretary  of  State. 

ELIAS  F.  DRAKE, 
Speaker  of  the  House  of  Representatives. 
SEA  BURY  FORD, 

January  6,   1H46  Speaker  of  the 


32 

AN  ACT 

IN  RELATION  TO  THE  STATE  BANK  OF  OHIO,  AND  OTHER   BANK- 
ING COMPANIES. 

SEC.  1.  Be  it  enacted  by  the  General  Assembly  of  the  State  of 
Ohio,  That  if  any  branch  of  the  State  Bank  of  Ohio,  now  or  hereaf- 
ter established,  shall  neglect  or  refuse  to  comply  with  any  order  of 
the  board  of  control,  requiring  such  branch  to  reduce  its  circulation 
or  other  liabilities,  or  to  provide  a  larger  amount  of  specie  or  other 
means,  or  to  pay  in  its  stock,  or  to  do,  or  cease  to  do,  any  other  mat- 
ter, or  thing  which  said  board  of  control  may  deem  necessary  for 
the  f-ecurity  of  such  branch,  or  any  other  branch,  or  branches,  said 
board  of  control,  or  any  member  thereof,  acting  for  said  board,  may 
apply  to  any  judge  of  the  supreme  court,  court  of  common  pleas, 
president  judge  of  the  court  of  common  pleas,  any  judge  of  a  supreme 
court,  or  to  the  supreme  court,  or  court  in  bank,  in  session,  by  peti- 
tion, or  bill  in  chancery,  addressed  to  the  judges  of  the  supreme  court, 
in  which  the  State  Bank  of  Ohio  shall  be  made  party,  petitioner,  or 
complainant,  and  the  branch  implicated  defendant,  setting  forth  the 
substance  of  such  order,  or  orders,  and  such  neglect,  or  refusal,  on 
the  part  of  the  branch,  its  officers,  or  agents,  to  comply  therewith  ; 
and  if  the  President,  or  any  member  of  the  board  of  control,  shall 
make  affidavit  of  the  truth  of  the  facts  therein  stated,  it  shall  be  the 
duty  of  such  judgn,  or  court,  to  allow  an  injunction  and  to  enjoin 
such  branch,  its  officers,  and  agents,  and  all  others  in  its  employ,  or 
connected  therewith,  from  doing,  or  suffering,  or  permitting  to  be 
done,  any  business  whatever,  as  a  bank,  and  from  intermeddling  with, 
or  in  any  manner  disposing  of,  the  books,  papers,  money,  choses 
in  action,  assets,  or  property  of  the  branch,  whatsoever,  until  the  fur- 
ther order  of  the  supreme  court  or  court  in  bank. 

SEC.  2.  The  petition,  or  bill  in  chancery,  may  be  ordered  by  the 
judge,  or  court,  allowing  the  injunction,  to  be  filled  in  any  county  of 
this  State,  and  the  supreme  court  shall  hear  and  determine  the  same 
as  in  other  cases. 

SEC.  3.  Upon  the  allowance  of  such  injunction,  the  property, 
credits,  securities,  liens  and  assets,  of  every  description,  of  such 
branch,  shall  forthwith  vest  in  the  board  of  control,  who  shall  ap- 
point a  receiver,  to  take  possession  of  the  same,  as  provided  by  the 
twenty-fifth  section  of  the  act  incorporating  the  State  Bank  of  Ohio, 
and  other  Banking  Companies,  passed  February  twenty-four,  eigh- 
teen hundred  and  forty-five  ;  a  certificate  of  appointment  of  such  re- 
ceiver, shall  be  sufficient  authority  to  him  to  take  possession  of  the 
books,  property,  and  rights,  of  every  description,  of  such  branch, 
and  shall  be  full  authority  to  the  sheriff  of  the  county,  where  the 
branch  is  located,  to  give  such  receiver  full  possession  of  such  books, 
property,  and  rights,  with  the  aid  of  the  county,  if  required  ;  and 
said  board  and  receiver,  shall  as  far  as  applicable,  be  governed  by 
all  the  provisions  of  said  act,  as  provided  in  cases  of  suspension  ;  and 
upon  the  dissolution  of  the  injunction  or  a  discontinuance  of  such 
suit  by  the  board,  all  the  rights  and  property  of  such  branch,  shall 
be  restored  to  and  vest  in  said  branch. 


33 

SEC.  4.  The  forfeiture  mentioned  in  the  sixty -first  section  of  the 
act  to  which  this  is  an  amendment,  shall  only  be  established  by  an 
action  in  the  name  of  the  person  or  persons  from  whom  the  illegal 
interest  has  been  taken,  and  the  amount,  when  recovered,  shall  go  to 
the  use  of  common  schools  for  the  proper  county. 

SEC.  5.  If  any  banking  company,  formed  under  the  act  to  incor- 
porate the  State  Bank  of  Ohio  and  other  banking  companies,  shall 
have  assumed,  at  the  time  of  their  formation,  or  subsequently  thereto, 
an  amount  of  capital  greater  than  the  minimum  amount  of  capital 
required  by  said  act,  and  if  there  shall  have  not  been  actually  paid 
in,  on  account  of  capital  stock,  such  excess  over  the  smallest  amount 
required  by  said  act,  such  banking  company,  whether  a  branch  of 
the  State  Bank  of  Ohio,  or  independent  banking  company,  may,  by 
a  vote  of  the  stockholders  owning  a  majority  of  the  stock  of  such 
company,  relinquish  all,  or  such  part  of  such  stock  over  the  minimum 
amount  required  by  said  act,  and  give  notice  of  such  relinquishment, 
if  a  branch  of  the  State  Bank  of  Ohio,  to  the  board  of  control ;  if  an 
independent  banking  company,  to  the  bank  commissioners. 

SEC.  6.  If  any  such  banking  company  shall  have  assumed,  at  the 
time  of  its  formation,  or  subsequently  thereto,  a  greater  amount  of 
capital  than  the  smallest  amount  required  by  said  act,  and  if  any  in- 
stallment or  installments,  required  by  said  act  to  be  paid  on  said  capi- 
tal, shall  remain  unpaid  after  the  time  when,  by  the  terms  of  said  act, 
such  installment  or  installments  should  have  been  paid,  the  board  of 
control,  if  such  delinquent  company  be  a  branch  of  the  State  Bank 
of  Ohio,  or  the  bank  commissioners,  if  an  independent  bank,  shall, 
on  receiving  satisfactory  proof  of  such  delinquency,  declare  so  much 
of  such  capital  as  shall  not  have  been  paid  up  to  have  been  relin- 
quished by  such  banking  company,  but  not  reducing  thereby  the 
capital  stock  of  such  company  below  the  minimum  amount  required 
by  said  act  for  the  formation  of  such  banking  companies. 

SEC.  7.  In  case  of  a  voluntary  relinquishment  of  capital  stock, 
or  of  a  relinquishment  for  the  non-payment  of  installments,  as  provi- 
ded in  the  two  preceding  sections,  the  board  of  control,  or  the  bank 
commissioners,  as  the  case  may  require,  shall  give  notice  of  such 
relinquishment  by  publication  thereof  for  three  consecutive  weeks,  in 
two  newspapers  having  the  most  general  circulation,  published  in 
Columbus,  and  from  and  after  such  publication  such  relinquished 
capital  shall  be  considered  an  appropriated  capital,  subject  to  be  as- 
sumed by  any  banking  company,  formed  or  to  be  formed,  as  in  case 
of  banking  capital  that  shall  not  have  been  appropriated. 

SEC.  8.  In  case  when  there  shall  remain  in  any  banking  district 
unappropriated  capital,  bnt  not  sufficient  for  the  formation  of  a  new 
banking  company,  a  banking  company  may  be  formed  in  any  county 
in  said  district,  with  a  capital,  if  a  branch  of  the  State  Bank,  of  not 
less  than  one  hundred  thousand,  if  an  independent  banking  company, 
not  less  than  fifty  thousand  dollars,  and  the  additional  capital,  over  the 
amount  of  the  unappropriated  capital  of  such  district,  may  be  trans- 
ferred from  such  other  banking  district  or  districts  as  shall  have  re^ 


34 

maining  an  amount  of  unappropriated  capital  less  than  the  minimum 
amount  required  by  said  act  for  the  formation  of  a  banking  company ; 
provided  that  no  such  transfer  of  capital  shall  be  made  until  after  the 
expiration  of  two  months  from  the  passage  of  this  act,  nor  shall  any 
such  transfer  be  made  unless  the  bank  commissioners  and  board  of  control 
of  the  State  Bank  of  Ohio  shall  concur  in  the  opinion  that  such  trans- 
fer is  required  by  the  public  convenience  and  the  commercial  interests 
of  the  State. 

SEC.  9.  The  first  four  sections  of  this  act  shall  be  in  force  from 
and  after  the  acceptance  of  the  same,  by  members  of  the  board  of 
control,  representing  a  majority  of  the  stock  of  the  State  Bank  of  Ohio. 

JOSEPH  S.  HAWKINS, 
Speaker  of  the  House  of  Representatives. 
CHARLES  B.  GODDARD, 

February  24,  1848.  Speaker  of  the  Senate. 


AN  ACT 

TO  AMEND  THE  ACT  SUPPLE MENTAKY  TO  THE  ACT  TO  PREVENT 
UNAUTHORIZED  BANKING  AND  THE  CIRCULATION    OF  UN- 
AUTHORIZED  BANK   PAPER. 

SEC.  1.  Be  enacted  by  the  General  Assembly  of  the  State  of 
Ohio,  That  it  shall  be  unlawful  for  any  Bank  or  incorporated  com- 
pany, doing  a  banking  business,  or  exchange  brokers,  or  private 
banker,  or  other  person  or  persons,  who  shall  receive  money  on  de- 
posit, or  exchange  one  kind  of  bank  bills  for  another,  with  a  view 
of  profit,  to  issue,  pay  out  or  give  in  exchange  for  other  money,  so 
as  to  go  into  circulation  in  this  State,  any  circulating  notes  or  bills, 
except  the  notes  or  bills  of  the  banks  of  this  State,  issued  according 
to  law. 

SEC.  2.  Any  Bank,  incorporated  company  or  other  person  de- 
scribed in  the  first  section  of  this  act,  who  shall  offend  against  the 
provisions  of  said  section,  shall  forfeit  and  pay  a  sum  equal  to  one 
half  the  amount  of  the  notes  and  bills  so  paid  out,  to  be  recovered 
and  paid  over  for  the  use  of  the  State,  in  the  manner  prescribed  by 
the  "  act  to  prohibit  unauthorized  banking  and  the  circulation  of  un- 
authorized bank  paper,"  passed  March  12,  1845. 

SEC.  3.  The  provisions  ^of  this  act  shall  not  be  construed  to  ex- 
tend to  the  paying  out  of  notes  or  bills  by  any  person  or  persons  in 
his  or  their  ordinary  business  in  nowise  connected  with  the  business 
of  any  banking  broker  or  dealer,  nor  to  the  paying  out  or  exchang- 
ing such  notes  or  bills  by  any  bank,  banking  company  or  person  de- 
scribed in  the  first  section  of  this  act,  when  suoh  notes  or  bills  shall 
be  paid  out  or  exchanged  in  good  faith  to  be  taken  out  of  the  State 
of  Ohio,  and  when  such  bank,  company  or  person  has  good  reason 
to  believe,  and  does  believe,  that  the  same  will  not  be  put  in  circula- 
tion within  this  State. 


35 

SEC.  4.  Every  note,  bond,  bill  of  exchange,  draft,  check  or  other 
evidences  of  debt  discounted,  bought  or  otherwise  obtained  by  any 
bank  or  corporation,  private  company  or  individual  described  in  the 
first  section  of  this  act,  and  paid  for  in  the  first  section  contrary  to  the 
true  intent  and  meaning  of  this  act,  and  shall  be  held  and  adjudged 
null  and  void,  and  no  suit  or  action  for  the  recovery  thereof  shall  be 
sustained  by  any  court  in  this  State  ;  and  all  contracts,  promises, 
and  agreements  founded  in  whole  or  in  part  on  the  payment,  ex- 
change or  putting  forth  of  such  bank  notes  contrary  to  the  provisions 
of  this  act,  shall  be  held  and  adjudged  utterly  null  and  void. 

SEC.  5.     This  act  to  take  effect  and  be  in  force  from  and  after  the 
rst  day  of  June  next. 

JOSEPH  HAWKINS, 
Speaker  of  the  House  of  Represntatives. 

CHARLES  B.  GODDARD. 
February  24,  1848.  Speaker  of  the  Senate. 


AN  ACT 

TO  RESTRAIN  BANKS  FROM  TAKING  USURY. 

SEC.  1.  Be  it  enacted  by  the  General  Assembly  of  the  State  of 
Ohio,  That  the  fourth  section  of  an  act  entiled  an  act  in  relation  to 
the  State  bank  of  Ohio,  and  other  banking  companies,  passed  Feb- 
ruary 24,  1848,  be  and  the  same  is  hereby  repealed,  and  the  sixty- 
first  section  of  an  act  entitled  "  an  act  to  incorporate  the  State  Bank 
of  Ohio,  and  other  banking  companies,"  passed  February  24,  1845, 
is  hereby  re-enacted  as  far  as  the  same  may  have  been  repealed  by 
the  enacting  of  the  said  fourth  section  above  recited. 

SEC.  2.  Whenever  any  person  or  person  shall  have  paid  to  a  bank- 
ing institution  of  this  State  a  sum  of  money  for  the  loan  or  forbear- 
ance of  which  such  banking  institution  shall  have  charged,  received, 
reserved  or  taken  illegal  interest,  and  such  person  or  persons  shall 
omit  or  neglect  to  bring  suit  therefor  within  six  months  from  the  time 
of  such  payment,  it  shall  be  lawful,  and  it  is  hereby  made  the  duty 
of  the  prosecuting  attorney  of  the  county  in  which  such  banking  in- 
stitution is  located,  to  institute  suit  against  such  banking  institution  in 
an  action  of  debt  in  the  name  of  the  State  of  Ohio,  and  prosecute 
the  same  to  final  recovery  for  the  amount  of  the  debt  or  demand  on 
which  such  illegal  interest  shall  have  been  charged,  reserved  or  tak- 
en as  aforesaid,  and  all  moneys  so  recovered  shall  be  paid  over  for  the 
benefit  of  common  schools  in  the  county  in  which  such  bank  is  loca- 
ted ;  Provided,  that  the  prosecuting  attorney  shall  be  entitled  to  charge 
and  retain  a  commission  of  twenty  per  centum  on  the  first  thousand 
dollars,  and  five  per  centum  on  the  excess  over  one  thousand  dollars 
of  all  moneys  so  by  him  collected  and  paid  over  as  aforesaid,  and  pro- 
vided such  suit  shall  be  commenced  within  eighteen  months  from 
the  payment  of  such  principal  sum. 


36 

SEC.  3.  It  shall  not  be  lawful  for  any  banking  institution  in  this 
State  to  charge,  reserve,  receive  or  take  more  than  six  per  centum 
in  advance  on  the  discount  or  purchase  of  any  note,  bill  of  exchange 
or  evidence  of  debt  payable  at  any  place  within  the  State  of  Ohio, 
nor  charge,  receive,  reserve  or  take  under  any  pretext  whatever,  on 
the  discount  or  purchase  of  any  note,  bill  of  exchange  or  evidence 
of  debt  payable  at  a  place  without  this  State,  any  per  centage  or  sum 
greater  than  six  per  cent,  interest  in  advance,  and  the  actual  cost  to 
such  bank  of  converting  the  proceeds  of  such  note  or  bill  of  ex- 
change into  available  funds  at  par,  when  the  current  rate  of  exchange 
is  not  in  favor  of  the  place  of  payment ;  provided  that  such  banking 
institution  may  charge  and  receive  on  the  discount  or  purchase  of 
notes,  bills  of  exchange,  or  certificates  of  deposites,  bona  fide,  drawn 
upon  or  payable  at  a  place  within  the  State  other  than  the  place  of 
such  discount  or  purchase,  a  reasonable  sum  for  the  collection  there- 
of, not  however  exceeding  one  fourth  of  one  per  cent,  thereon. 

SEC.  4.  It  shall  not  be  lawful  for  any  banking  institution  in  this 
State,  in  the  discount  or  purchase  of  notes  or  bills  of  exchange  on 
time,  drawn  on  any  place  without  the  State,  and  while  the  current 
rate  of  exchange  is  in  favor  of  such  place  and  against  the  place  where 
such  bank  is  located,  to  charge,  reserve,  receive,  or  take  any  per 
centage  or  sum  by  way  of  discount  or  interest,  which  when  added  to 
the  current  premium  of  exchange  in  favor  of  such  place  of  payment 
ta  the  date  of  such  discount  or  purchase  shall  produce  to  said  bank 
a  net  profit  of  more  than  at  the  rate  of  twelve  per  centum  per  annum, 
on  the  money  so  paid  or  loaned  by  such  bank,  and  when  the  current 
premium  of  exchange  as  aforesaid  shall  be  equal  to  or  exceed  the  rate  of 
twelve  per  centum  per  annum,  it  shall  be  unlawful  for  such  bank  to 
charge,  reserve  or  receive  any  discount  or  interest  on  such  note  or 
bill  of  exchange. 

SEC.  5.  The  discount  or  purchase  by  any  banking  institution  in 
this  State  of  any  note  or  bill  of  exchange  on  time,  or  other  evidence 
of  debt  on  time,  payable  at  a  place  without  the  State,  when  the  offi- 
cer or  agent  of  such  bank  knows  or  has  reason  to  believe  that  the 
parties  to  such  paper  will  not  be  prepared,  or  do  not  intend  to  pay 
the  same  at  the  place  of  payment,  or  when  any  device  is  resorted  to 
in  order  to  secure  to  said  bank  a  greater  profit  than  it  could  realize 
from  the  discount  or  purchase  of  such  paper  if  made  payable  at  its 
own  counter,  shall  be  deemed  and  held  usurious  and  unlawful  with- 
in the  meaning  of  this  act ;  Provided  that  nothing  contained  in  the 
third  and  fourth  sections  of  this  act  shall  in  any  way  impair  or  affect 
any  right  conferred  upon  any  bank  heretofore  incorporated  or  organ- 
ized. 

BENJAMIN  F.  LEITER, 
Speaker  of  the  House  of  Representatives. 
CHARLES  C.  CONVERS, 

March  19,  1850.  Speaker  of  the  Senate. 


AN  ACT 

TO  PROVIDE  FOR  TAXING  BANKS  AND  BANKING  COMPANIES. 

SEC.  1.  Be  it  enacted  by  the  General  Assembly  of  the  State  of 
Ohio,  That  the  cashier  or  president  of  every  banking  institution  in 
the  State,  whose  charter  does  not  prescribe  any  particular  mode  of 
taxation  for  the  same,  and  every  banking  institution  hereafter  establish- 
ed in  the  State,  shall  annually,  within  ten  days  after  the  fifteenth  day 
of  November,  make  out,  under  oath,  and  transmit  by  mail,  or  other- 
wise, to  the  Auditor  of  State,  a  statement  showing  the  amount  of  the 
capital  stock  of  said  bank  actually  paid  in  and  existing  undiminishedby 
losses,  and  the  amount  of  surplus  or  contingent  fund  then  on  hand; 
deducting,  however,  from  such  surplus  or  contingent  fund,  the 
amount  of  money  paid  for  real  estate  belonging  to  said  bank,  and  upon 
which  it  pays  taxes  in  any  other  manner  than  that  which  is  hereinafter 
provided. 

SEC.  2.  The  Auditor  of  State  shall,  annually,  as  soon  as  he  receives 
such  statement,  ascertain  the  total  per  centum  of  taxation  assessed 
for  all  purposes,  on  money  at  interest,  at  the  place  where  such  bank 
is  located,  and  shall,  immediately  the/eafter,  assess  upon  such  capital 
stock  and  contingent  fund,  a  per  centum  of  tax  equal  to  that  so  as- 
certained. 

SEC.  3.  That  so  soon  as  the  amount  of  such  tax  is  ascertained, 
the  said  auditor  shall  inform  such  bank  thereof,  and  said  bank  shall 
pay  the  same  to  the  Treasurer  of  State,  upon  the  order  of  the  audi- 
tor, and  shall  have  a  lien  upon  the  stock  of  each  of  its  stockholders 
for  the  reimbursement  of  his  or  her  share  of  the  tax  so  paid. 

SEC.  4.  That  if  any  existing  bank,  the  charter  of  which  does 
prescribe  any  particular  mode  of  taxation  for  the  same,  shall,  by  a 
vote  of  the  stockholders  owning  a  majority  of  its  stock,  consent  to 
the  provisions  of  this  act,  and  file  the  evidence  of  such  consent  with 
the  Auditor  of  State,  such  bank  shall  thereafter,  for  the  purpose  of  taxa- 
tion, be  subject  to  the  provisions  of  this  act,  and  shall  be  exempt 
from  the  payment  of  any  other  tax  imposed  by  its  charter. 

SEC.  5.  If  any  cashier  or  president  of  a  bank,  liable  to  be  taxed 
under  the  provisions  of  this  act,  shall  neglect  or  refuse  to  furnish 
the  statement  required  by  the  first  section  of  this  act  to  the  Auditor 
of  State,  such  president  or  cashier,  so  neglecting  and  refusing,  shall 
forfeit  to  the  State  a  sum  equal  to  three  per  cent,  upon  the  capital 
stock  of  such  bank  to  be  recovered  by  an  action  of  debt,  in  any  prop- 
er court :  Provided  however,  that  putting  into  the  post  office  a  letter 
containing  such  statement,  addressed  to  the  Auditor  of  State,  at  Co- 
lumbus, shall  be  deemed  a  compliance  with  the  provisions  of  said 
section. 

SEC.  6.  That  if  any  branch  of  the  State  Bank  of  Ohio  shall  suf- 
fer its  specie  and  sight  funds  in  the  eastern  cities,  as  provided  in  the 
fifty-fourth  section  of  the  act  to  which  this  is  an  amendment,  to  fall 


38 

below  thirty  per  cent,  of  the  amount  of  its  circulation,  and  remain  so 
for  thirty  days,  it  shall  be  the  duty  of  the  board  of  control  to  require 
said  branch  to  return  a  proportional  amount  of  its  circulation,  which 
circulation,  when  so  returned,  shall  be  burned  ;  and  thereupon  the 
board  of  control  shall  declare  a  proportional  amount  of  the  stock  of 
said  branch  extinguished. 

SEC.  7.  That  any  branch  of  the  State  Bank  of  Ohio,  when  a 
majority  of  its  shareholders  shall  so  determine,  may  with  the  consent 
of  the  board  of  control,  return  her  circulation  in  any  amount  not  to 
exceed  forty  per  cent,  and  the  board  of  control  shall,  upon  the  re- 
ceipt of  said  circulation,  burn  the  same,  and  thereupon  declare  a  pro- 
portional amount  of  the  stock  of  said  branch  extinguished ;  but  in  no 
case  shall  said  branch  be  permitted  to  reduce  the  amount  of  her  safe- 
ty fund. 

SEC.  8.  All  laws  and  parts  of  laws,  inconsistent  with  the  provisions 
of  this  act,  are  hereby  repealed. 

BENJAMIN.  F.  LEITER, 
Speaker  of  the  House  of  Representatives. 
CHARLES  C.  CONVERS, 

Speaker  of  the  Senate. 

March  23d,  1850. 


BY-LAWS. 

ARTICLE  1. — SEAL. 

SEC.  1.  The  Board  of  Control  shall  have  a  seal,  on  which  shall 
be  engraved  "  The  State  Bank  of  Ohio,"  to  be  kept  by  the  President, 
and  to  be  used  by  him  and  the  Secretary  when  necessary. 

ARTICLE  2. — OFFICERS. 

SEC.  1.  All  officers  shall  be  elected  by  ballot,  and  the  majority 
of  votes  given  shall  be  necessary  to  constitute  a  choice. 

SEC.  2.  Each  voter  shall  place  upon  his  ballot  the  number  of 
votes  to  which  by  law  he  is  entitled. 

SEC.  3.  The  President  of  the  Board  of  Control  shall  be  elected 
annually  at  the  regular  meeting  in  May,  and  shall  give  bond,  with 
security,  to  the  acceptance  of  the  Executive  committee,  in  the  penal- 
ty of  fifty  thousand  dollars,  conditioned  that  he  will  faithfully  and 
honestly  perform  his  official  duties. 

SEC.  4.  The  Secretary  shall  give  bond,  with  security,  to  the  accep- 
tance of  the  Executive  committee,  in  the  sum  of  ten  thousand  dollars, 
conditioned  that  he  will  faithfully  and  honestly  perform  his  official 
duties,  and  account  for  all  money  and  property  of  the  State  Bank  of 
Ohio  and  branches,  which  shall  corne  to  his  hands. 

SEC.  5.  The  officers'  bonds  shall  be  deposited  with  the  Secretary 
of  State. 

SEC.  6.  The  Secretary  may  at  any  time  be  dismissed,  by  a  vote 
of  the  Board  of  Control,  or  the  Executive  committee. 

SEC  7.  In  case  of  the  sickness,  death,  resignation,  removal,  or 
absence  of  the  President  or  Secretary,  it  shall  be  the  duty  of  the 
Executive  committee  forthwith  to  appoint  a  President  or  Secretary,  as 
the  case  may  be,  to  hold  such  office  until  the  disability  be  removed, 
or  until  the  next  meeting  of  the  Board.  Each  officer,  so  appointed, 
shall  give  bond  and  security  as  aforesaid. 

SEC.  8.  The  President  and  Secretary  shall  keep  separately  an  ac- 
count of  notes  received  from  engravers -- of  those  returned  by 
branches,  and  delivered  for  circulation. 

SEC.  9.  The  Secretary  shall  open  and  keep  a  general  ex- 
pense account,  and  also  an  expense  account  with  each  Branch.  He 
shall  have  the  custody  of  the  safety  fund,  and  the  evidences  belong- 
ing thereto. 

SEC.  10.  That  a  majority  of  the  Directors  of  each  Branch  of  the 
State  Bank  of  Ohio  shall  be  residents  of  the  county  in  which  such 
Branch  is  located  ;  and  the  seats  of  those  removing,  reducing  the 
number  of  residents  within  the  county  below  a  majority,  shall  be 
vacated. 


40 

SEC  11.  It  shall  be  the  duty  of  the  President,  on  the  first  day  of 
each  regular  session  of  the  Board  of  Control,  to  communicate  in 
writing  to  the  members  thereof,  all  such  matters  in  relation  to  the  ad- 
ministration of  the  State  Bank  of  Ohio,  and  of  the  several  Branches 
thereof,  or  any  of  them,  as  in  his  opinon  may  be  useful  and  proper  ; 
and  also  to  recommend  such  measures  for  the  action  of  the  Board  of 
Control,  as  he  may  deem  just  and  expedient. 

ARTICLE  3. — MEETINGS,    &c. 

SEC.  1.  The  regular  meetings  of  the  Board  of  Control  shall  be 
on  the  third  Mondays  of  May  and  November,  but  the  Executive 
committee  may  call  special  meetings. 

SEC.  2.  Except  in  cases  otherwise  directed  by  the  act  of  incor- 
poration, a  majority  of  the  members  of  the  Board  of  Control  shall  be 
competent  for  the  transaction  of  business,  provided  the  whole  num- 
ber convened  at  the  opening  of  the  session,  shall  not  be  less  than 
two  thirds  of  the  members. 

SEC.  3.  On  all  questions  any  member  may  require  the  yeas  and 
nays, and  in  such  case  the  names  shall  be  recorded. 

SEC.  4.  At  the  request  of  any  member  or  members  his  or  their 
respectful  protest  may  be  entered  upon  the  journal. 

ARTICLE    4.— EXPENSES. 

SEC.  1.  Each  branch  established  at  or  since  the  session  of  the 
Board  held  May  20th  1847,  or  that  may  hereafter  be  established, 
shall  pay  towards  office  expenses,  books,  &c.,  in  the  proportion  of 
seventy-five  dollars  for  one  hundred  thousand  of  capital  ;  and  when 
the  stock  of  any  Branch  has  been,  or  may  hereafter  be  increased,  the 
like  proportion  upon  such  increase  ;  and  such  amount  shall  be  distrib- 
uted to  the  Branches  previously  organized  in  the  ratio  of  their  capi- 
tal stock  respectively. 

SEC.  2.  The  expenses  of  the  office  and  all  others,  except  for 
plates  and  notes  for  circulation,  shall  be  assessed  upon  the  Branches 
in  proportion  to  their  capital  respectively.  Branches  admitted  since  the 
last  assessment  shall  in  addition  to  the  amount  specified  in  the  fore- 
going section,  pay  their  due  proportion  of  these  expenses,  reckoning 
from  the  time  each  may  have  received  notes  for  circulation.  The 
amounts  before  paid  by  Branches  shall  be  deducted. 

SEC.  3.  The  expenses  for  plates  and  notes  for  circulation  shall  be 
added  together  from  the  commencement  to  the  time  of  the  assess- 
ment, and  each  Branch  shall  be  charged  therefor  in  the  ratio  of  their 
circulation  to  which  each  by  its  capital  is  entitled  by  law,  reckoning 
the  capital  of  those  which  have,  or  may  be  permitted  to  suspend  the 
payment  of  capital,  and  which  have  actually  suspended,  and  remain 
suspended,  further  payment,  than  sixty  per  cent.  ;  at  the  amount  paid. 

SEC.  4.  In  making  up  the  expenses  of  plates  and  notes,  the  Sec- 
retary shall  add  all  notes  for  circulation  which  have  been  received  by 
any  Branch  in  lieu  of  mutilated,  torn,  and  defaced  notes  returned, 
to  the  amount  to  which  such  Bank  is  entitled  by  its  capital. 


SEC.  5.  The  Secretary  shall  apportion  expenses  according  to  the 
preceding  principles,  and  the  amount  shall  be  paid  to  the  President. 
Each  apportionment  shall  exhibit  the  basis  of  circulation,  and  the 
amount  to  be  paid. 

SEC.  6.  The  books  shall  be  balanced  and  closed  to  the  first  day 
of  the  month  in  which  the  Board  shall  hold  its  regular  meeting.  The 
expenses  since  the  prior  regular  meeting  shall  be  laid  before  the 
Board,  and  audited.  Between  the  time  of  closing  and  balancing  the 
books  as  aforesaid,  and  the  adjournment  of  the  Board,  the  President 
shall  deliver  no  notes  for  circulation  to  any  of  the  Branches,  unless  by 
its  special  order. 

SEC.  7.  That  each  Branch  pay  all  its  postages  to  and  from  the  Board 
of  Control. 

ARTICLE  5. — SAFETY  FUND. 

SEC.  1.  The  safety  fund  shall  immediately  be  invested  agreeably 
to  the  act  of  incorporation  ;  and  if  invested  in  bonds  and  mortgages, 
the  interest  shall  be  seven  per  cent.,  and  shall  be  paid  semi-annually 
on  the  first  Mondays  of  May  and  November. 

SEC.  2.  Forms  shall  be  furnished  by  the  President  to  the  Branch- 
es ;  and  every  instance  powers  of  attorney  shall  be  taken  to  confess 
judgment,  and  suffer  a  decree  in  case  the  interest  shall  not  be  punc- 
tually paid,  or  the  principal  when  required. 

SEC.  3.  An  agent  shall  be  appointed  by  the  board  or  Executive 
committee,  to  examine  titles  and  furnish  abstracts  thereof,  offered  as 
security  for  the  safety  fund.  His  opinion  in  favor  of  the  goodness  and 
validity  of  the  title  shall  appear  in  every  abstract,  and  his  appraise- 
ment accompanying  the  same,  together  with  the  valuation  as  the  same 
appears  on  the  duplicate  for  taxation.  The  President  may  fill  va- 
cancies in  the  office  of  this  agency  in  the  recess  of  the  Board  and 
Executive  committee. 

SEC.  4.  The  abstract  of  title,  and  the  bond  and  mortgage,  shall 
be  submitted  to  the  Directors  of  the  Branch,  and  their  acceptance  in 
writing  had  thereto  before  the  Board  of  Control  or  Executive  com- 
mittee shall  authorize  the  loan. 

SEC.  5.  The  borrower  shall  defray  the  expense  of  the  abstract 
and  other  preliminary  matters. 

SEC.  6.  If  the  safety  fund  shall  not  be  invested  by  the  Branch 
within  ninety  days  after  it  shall  be  deposited  to  the  credit  of  the  Board 
of  Control,  the  President  may  withdraw  it,  and  with  the  approbation 
of  the  Board  of  Control  or  Executive  committee,  invest  the  same  in 
stocks  of  this  State  or  the  United  States. 

SEC.  7.  The  Secretary  may  receive  and  endorse  on  any  bond  and 
mortgage  given  for  safety  fund  any  amount  not  less  than  one  hundred 
dollars.  When  the  whole  amount  shall  be  paid  he  shall  give  a  power  to 
release  the  mortgage  of  record.  He  may,  with  the  approbation  of 
the  Board,  Executive  committee,  or  the  President,  and  on  the  evi- 
dence that  the  Board  of  Control  has  credit  with  the  Branch  to  the 
full  amount,  and  that  all  interest  is  paid,  assign  to  the  Branch,  or  other 
person  or  persons,  on  its  request,  in  writing,  any  bond  and  mortgage 

6 


42 

taken  for  safety  fund  in  the  same  Branch,  but  invariably  without  re- 
course to  the  State  Bank  of  Ohio,  expessed  clearly  in  such  assign- 
ment. 

SEC.  8.  With  the  monthly  statement,  on  each  dividend  day,  each 
Branch  shall  furnish  a  statement  of  the  interest,  paid  and  unpaid  on 
the  bonds  and  mortgages  for  safety  fund  ;  and  it  shall  be  the  duty  of 
the  secretary,  under  the  direction  of  the  President,  without  any  un- 
necessary delay,  to  cause  suits  to  be  instituted  upon  all  the  bonds  and 
mortgages  upon  which  the  interest  has  not  been  paid,  which  shall  be 
prosecuted  to  judgment  when  once  commenced,  unless  principal  and 
interest  shall  both  be  paid  ;  and  when  suit  shall  once  be  commenced, 
no  loan  of  safety  fund  shall  afterward  be  made  to  such  delinquent. 

SEC.  9.  The  executive  committee  shall  have  power,  on  applica- 
tion of  a  Branch  to  receive  in  exchange  for  a  bond  and  mortgage, 
another  bond  and  mortgage  ;  and  to  receive  one  description  of  stock  in 
exchange  for  another  description,  given  as  security  for  the  safety  fund. 

ARTICLE  6. — POWERS  AND  DUTIES  OF  EXECUTIVE  COMMITTEE. 

SEC.  1.  The  Executive  committee  shall  consist  of  five  members, 
of  whom  the  President  shall  be  ex-officio  one,  to  be  elected  annual- 
ly, by  ballot,  at  the  regular  meeting  in  May. 

SEC.  2.  When  the  Board  of  Control  is  not  in  session,  its  powers 
and  duties  shall  devolve  upon  the  Executive  committee.  The  Exec- 
utive committee  shall  not,  however,  contravene,  alter  or  amend  any 
by-Jaw,  rule  or  order  of  the  Board. 

SEC.  3.  It  shall  be  the  duty  of  the  Executive  committee  to  ascer- 
tain, by  the  appointment  of  a  special  agent  whether  any  branch  which 
may  have  been  required  by  the  Board  or  Executive  committee  to  re- 
duce its  circulation  or  other  liabilities,  or  to  do  or  not  to  do  any  other 
matter  or  thing,  shall  have  complied  with  such  order  or  orders ;  and 
in  every  case  when  any  such  branch  shall  neglect,  refuse  or  fail  to 
comply  therewith,  it  shall  be  the  duty  of  said  committee  forthwith  after 
ascertaining  such  neglect,  refusal  or  failure,  to  institute  such  legal 
proceedings  in  the  name  of  the  State  Bank  of  Ohio  against  such 
Branch  as  they  shall  deem  necessary  and  proper  to  enforce  a  com- 
pliance with  such  order  or  orders,  and  to  secure  from  loss  as  well  the 
other  Branches  as  the  dealers  with  such  delinquent  Branch. 

SEC.  4.  When  any  vacancy  shall  happen  in  the  Executive 
committee,  the  residue,  or  majority  of  the  members  shall  fill  such  va- 
cancy ;  and  the  person  or  persons  so  appointed  shall  hold  the  office 
until  the  next  meeting  of  the  Board. 

SEC.  5.  Whenever  the  Executive  committee  shall  be  satisfied 
that  any  Branch  is  so  conducting  its  affairs,  or  is  in  such  condition  as 
to  endanger  the  safety  of  its  creditors,  or  subject  to  probability  of  loss 
the  other  Branches,  said  committee  may  make  an  order  requiring 
such  Branch  to  reduce  its  liaoilities  by  suspending  further  discounts, 
reducing  the  amount  of  its  notes  in  circulation,  or  otherwise  in  such 
a  manner  and  to  such  extent  as  said  committee  shall  deem  necessary 
to  secure  from  loss  the  other  branches,  or  the  dealers  with  such 


43 

Branches  ;  and  such  Branch  shall,  upon  receiving  such  order,  forth- 
with comply  therewith ;  but  such  Branch  may  appeal  from  such  or- 
der to  the  Board  of  Control,  which  shall  be  convened  by  the  Presi- 
dent with  the  least  possible  delay,  on  receiving  notice  from  such 
Branch  of  such  appeal.  Such  Branch  shall,  nevertheless  continue  to 
comply  with  the  order  of  said  committee  until  the  same  shall  be  mod- 
ified or  rescinded  by  the  Board  of  Control.  If  the  orders  of  said 
committee  shall  be  approved  of  by  the  Board  of  Control,  the  expen- 
ses shall  be  paid  by  such  appealing  Branch. 

ARTICLE  7. — QUALIFICATIONS  OF  MEMBERS  OF  THE  BOARD. 

SEC.  1.  No  officer  of  any  Bank  other  than  a  Branch,  shall  be  a 
member  of  the  Board. 

ARTICLE  8.  —  DUTIES  OF  BRANCHES. 

SEC.  1.  Each  Branch,  on  the  first  Monday  of  every  month,  in- 
cluding the  business  of  that  day,  shall  immediately  forward  to  the 
office  of  the  Board  of  Control,  under  the  oath  of  the  Cashier,  or  per- 
son acting  as  such,  an  abstract  of  the  condition  of  the  Branch,  accord- 
ing to  the  forms  prescribed  by  the  Board  of  Control,  or  the  Executive 
Committee,  and  the  Secretary  shall,  as  soon  as  practicable,  send  an 
abstract  of  the  whole  to  each  Branch. 

SEC.  2.  At  the  same  time,  and  verified  by  oath  as  aforesaid,  each 
Branch  shall  send  to  the  office  a  full  list  of  its  stockholders,  designating 
therein  the  amount  owned  by  each,  and  showing  who  are  Directors; 
provided,  that  when  the  stockholders  are  the  same  as  in  the  last  pre- 
ceding statement,  the  fact  may  be  so  stated.  Also,  in  like  manner 
verified,  an  alphabetical  list  of  notes  and  bills  past  due  on  that  day, 
and  designating  the  parties  and  setting  . forth  the  amounts  ;  and  the 
Secretary  shall,  as  soon  as  may  be,  furnish  each  Branch  with  a 
schedule  of  the  whole  of  such  bills  and  notes  past  due. 

SEC.  3.  That  the  Cashier  of  each  Branch  shall  return,  with  trie 
February  monthly  statement,  his  certificate  of  the  fact  of  each  Direc- 
tor having  been  duly  sworn,  or  affirmed,  and  that  such  oath,  or  affir- 
mation, has  been  duly  filed  with  the  Recorder  of  the  county,  and  the 
date  of  such  filing  ;  and  a  like  certificate,  at  the  succeeding  monthly 
statement,  next  after  the  appointment  of  any  Director  to  fill  a  vacancy. 

SEC.  4.  On  each  dividend  day,  or  within  the  week  preceding,  the 
Directors  of  each  Branch,  or  a  committee  appointed  by  them  from 
their  own  body,  shall  make  a  thorough  examination  of  the  books,  ac- 
counts, notes  and  bills  of  the  Bank,  and  count,  or  otherwise  ascer- 
tain the  specie  and  all  notes  on  hand,  and  make  a  report  thereof 
to  the  Board  of  Control,  designating  the  amount  of  specie,  the  amount 
of  currency,  of  bills  and  notes,  and  all  descMfcpn  of  assets  found  in 
and  belonging  to  the  Branch. 

SEC.  5.  Each  Branch  shall  quarterly,  on  the  first  Mondays  in 
January,  April,  July  and  October,  and  at  such  times  as  the  Board  of 
Control  or  Executive  Committee  shall  require,  transmit  to  the  Board 
of  Control  an  alphabetical  list,  containing  the  names  and  places  of 


44 

residence  of  each  person,  company,  or  firm,  indebted  or  in  any  way 
liable  to  the  Branch  ;  the  amount  and  nature  of  such  indebtment  or 
liability,  and  when  due  and  where  payable ;  and  in  case  of  a  company 
or  firm,  the  names  and  places  of  residence. 

SEC.  6.  Each  Branch  shall  be  subject  to  examination,  and  be 
examined  by  an  agent,  who  shall  be  a  member  of  the  Board  of  Con- 
trol, or  an  officer  thereof,  once  a  year,  at  least,  and  oftener,  if  deemed 
necessary.  All  agents  or  examiners  shall  be  appointed  by  the  Execu- 
tive Committee ;  or,  in  the  absence  of  said  committee,  the  President 
shall  have  power  to  make  such  appointment,  if  he  deem  it  necessary. 
No  previous  notice  shall  be  given  to  a  Branch  of  such  intended  exam- 
ination. The  money  shall  be  counted,  or  otherwise  ascertained,  the 
accounts  examined  fully,  the  value  of  assets  ascertained  as  nearly  as 
practicable,  and  a  detailed  report  made  to  the  office  of  the  Board  of 
Control  as  soon  as  convenient. 

SEC.  7.  The  Executive  Committee  shall  furnish  general  instruc- 
tions to  the  agents  as  to  the  mode  of  conducting  the  examination,  and 
special  ones,  should  they  deem  the  latter  necessary. 

SKC.  8.  Upon  the  application,  in  writing,  of  two  or  more  stock- 
holders in  any  Branch,  and  upon  cause  shown,  it  shall  be  the  duty 
of  the  Board  of  Control,  or  Executive  Committee,  to  have  a  special 
examination  of  the  branch  implicated;  and  upon  the  return  of  such 
report,  the  board  or  committee  aforesaid  shall  institute  such  proceedings 
as  may  be  deemed  necessary. 

SEC.  9.  Each  examiner  of  a  Bank  shall  be  entitled  to  receive 
from  the  Bank  examined  three  dollars  per  day,  and  his  actual  traveling 
and  living  expenses  for  the  time  employed  in  traveling  to  and  from 
said  Bank  in  making  said  examination ;  provided,  that  when  two  or 
more  Banks  are  examined  by  the  same  examiner  at  the  same  time, 
the  whole  time  and  expenses  shall  be  equitably  divided  between  them. 

SEC.  10.  If  any  Branch  shall  purchase,  or  receive  by  forfeiture 
or  otherwise,  such  proportion  of  its  capital  stock  as  to  leave  in  the 
Hands  of  other  stockholders  an  amount  less  than  the  proportion  to  the 
amount  of  circulating  notes  received  from  the  Board  of  Control,  re- 
quired by  law  or  by  order  of  the  Board  or  Executive  Committee,  such 
Branch  shall  immediately  return  to  the  said  Board  such  amount  of  its 
notes  for  circulation,  as  shall  be  required  to  restore  the  proper  ratio 
between  its  capital  stock  and  of  its  circulation  ;  and  when  such  stock 
shall  be  sold,  such  notes  shall  be  returned  to  the  Branch. 

SEC.  11.  No  Branch  shall  by  itself,  or  in  combination  with  other 
Banks  or  Branches,  establish  an  agency  at  any  place  in  this  State,  or 
elsewhere,  for  carrying  on  the  ordinary  business  of  Banking. 

SEC.  12.  That  individuals  or  companies  holding  deposits  belong- 
ing to  a  Branch,  are  liable  to  such  Branch  within  the  meaning  of  the 
sixty-second  sectionJjH^ie  Bank  law. 

SEC.  13.  Each  flKftch  shall,  in  its  monthly  reports,  designate  the 
name  of  every  Bank-W  Banker  in  the  city  of  New  York,  or  else- 
where, with  whom  it  shall  have  deposits  or  notes,  or  bills  for  collec- 
tion, and  the  amounts  with  each.  No  deposit  shall  be  deemed  equiv- 
alent to  specie,  if  the  Board  of  Control  or  Executive  Committee  shall 


45 

deem  such  Bank  or  Bankers  irresponsible,  and  not  of  established 
credit,  nor  unless  such  deposit  shall  have  been  in  good  faith  made  by 
such  Branch,  in  money  actually  belonging  thereto. 

SEC.  14.  That  upon  every  piece  of  paper  discounted  by  a  Branch, 
at  least  two  persons,  corporations,  or  firms,  of  known  responsibility, 
not  connected  as  partners,  or  collateral  security  to  at  least  ten  per  cent, 
more  than  the  amount  discounted,  shall  be  required,  and  that  no  dis- 
count shall  be  made  or  note  or  bill  purchased  by  a  Branch  without  the 
concurrence  of  at  least  two  of  its  Directors. 

SEC.  15.  That  the  President  of  each  Branch,  upon  all  notes  here- 
after issued,  shall  write  his  name  lengthwise  upon  the  face  of  each 
note  in  such  a  manner,  that  his  first  name,  or  the  initial  thereof,  shall 
be  to  the  left,  and  his  surname  to  the  right  of  the  centre  thereof. 

SEC.  16.  That  each  Branch  on  each  dividend  day  shall  set  apart 
at  least  one  per  cent,  on  the  capital,  to  be  taken  out  of  the  net  profits 
of  the  preceding  six  months,  if  so  much  has  been  made  or  earned,  as 
a  contingent  fund,  uritij  that  fund  shall  amount  to  ten  per  cent,  upon 
the  whole  capital ;  and  no  dividend  shall  be  made  by  a  Branch  to 
diminish  or  impair  such  contingent  fund,  without  a  special  order  of 
the  Board  of  Control ;  provided,  that  any  excess  over  and  above  one 
per  cent,  so  set  apart  at  any  former  dividend  day,  may  be  taken  into 
account  in  fixing  the  amount  of  subsequent  per  centum  of  said  con- 
tingent fund. 

SEC.  17.  That  when  it  shall  be  made  to  appear,  to  the  satisfaction 
of  the  Directors  of  a  Branch,  that  any  note  or  notes  issued  by  it  have 
been  wholly  or  in  part  destroyed,  and  a  full  indemnity  shall  be  ten- 
dered to  the  Branch  issuing  the  same,  such  Branch  shall  redeem  such 
note  or  notes  in  full ;  and  when  such  destroyed  notes  shall  be  so  re- 
deemed, the  President  shall  deliver  others  to  the  Branch,  to  an  equal 
amount  and  of  the  same  denomination. 

SEC.  18.  It  shall  be  the  duty  of  each  Branch  to  keep  on  hand  at 
all  times,  at  least  thirty  per  cent,  in  coin,  or  its  equivalent,  on  its  notes 
in  circulation,  in  compliance  with  the  organic  law,  at  least  twenty  per 
cent,  of  which  shall  be  in  coin  in  vault ;  provided,  that  when  the  spe- 
cie in  vault  falls  below  that  amount,  but  not  below  the  amount  required 
by  law,  the  Branch  shall  have  forty  days  to  make  up  such  deficiency 
of  coin  ;  but  should  said  deficiency  not  be  procured  and  placed  in 
the  vault  by  that  time,  then  said  Branch  shall  cease  discounting,  and 
cease  to  issue  notes  for  circulation,  until  said  circulation  is  reduced  so 
as  to  have  twenty  per  cent,  in  specie  upon  the  amount  thereof. 

ARTICLE  9.  —  MUTILATED  NOTES,  &c. 

SEC.  1.  A  record  shall  be  kept  of  the  amount  and  denomination 
of  all  mutilated,  torn,  or  defaced  notes,  returned  by  the  Branches  to 
the  Board  of  Control. 

SEC.  2.  Mutilated,  torn  and  defaced  notes  may  be  returned  at 
such  times  and  in  such  amounts  as  shall  be  ordered  by  the  Board  of 
Control,  or  Executive  Committee,  and  shall  be  burnt  to  ashes,  as  re- 
quired by  the  twentieth  section  of  the  act  of  incorporation.  Reports 


46 

thereof  shall  be  rendered  in  writing  and  filed,  and  the  Branch,  unless 
ordered  to  the  contrary  by  the  Board  of  Control,  or  Executive  Com- 
mittee, may  receive  an  equal  amount  of  new  notes  of  the  same  de^ 
nomination.  The  President  may  deliver  the  new  notes  to  the  person 
returning  the  mutilated,  torn  and  defaced  ones,  so  soon  as  the  same 
shall  be  burnt  as  aforesaid,  without  an  order  from  the  Directors  or 
Cashier  of  the  Branch  for  that  purpose. 

ARTICLE  10.  —  RULES  FOR  CLOSING  AND  WITHDRAWING. 

SEC.  1.  Whenever  any  Branch  shall  desire  to  close  its  business 
and  withdraw  its  capital.it  shall, by  an  order  of  its  stockholders  owning 
a  majority  of  its  stock,  by  a  special  meeting  called  for  the  purpose, 
adopt  a  resolution  to  that  effect,  a  certified  copy  of  which  shall  be  filed 
in  the  office  of  the  Board  of  Control ;  and  from  the  time  of  filing 
such  Branch  may  return  its  notes  received  for  circulation,  cancelled 
or  otherwise,  and  shall  be  credited  for  the  amount  returned ;  and  such 
notes  shall  be  burnt  to  ashes,  as  is  provided  by  law  in  case  of  torn, 
defaced,  and  mutilated  notes. 

SEC.  2.  From  the  time  said  copy  shall  be  filed,  and  as  the  notes 
of  such  Branch  shall  be  returned,  it  shall  be  deemed  to  have  its  cap- 
ital reduced  inversely,  as  the  capital  authorised  the  issue  of  such 
notes,  and  no  more  notes  shall  be  issued  by  the  President  to  such 
Branch. 

SEC.  3.  As  the  notes  of  a  Branch  so  closing  its  business  and 
withdrawing  its  capital  shall  be  returned,  an  amount  of  its  safety  fund 
equal  to  ten  per  cent,  thereon,  shall  be  assigned  or  returned  to  said 
Branch  by  the  Secretary,  without  recourse  to  the  State  Bank  of  Ohio. 

SEC.  4.  When  the  circulation  of  such  closing  and  withdrawing 
Branch  shall  be  reduced  and  returned  as  aforesaid  to  the  office  of  the 
Bo  ird,  ninety  per  cent,  upon  the  circulation  to  which  by  its  capital  it 
was  entitled,  the  whole  of  the  safety  fund  of  such  Branch  may  be 
assigned  and  transferred  to  it,  on  its  giving  security  satisfactory  to  the 
Board  of  Control,  or  the  Executive  Committee,  for  the  redemption  of 
its  outstanding  notes  of  circulation. 

SEC.  5.  Before  any  Branch  shall  be  permitted  to  withdraw  its 
entire  capital  and  close  its  business,  any  loss,  by  insolvency  or  other- 
wise, of  any  Branch  or  Branches,  shall  be  accurately  ascertained  by 
a  committee  to  be  especially  appointed  for  that  purpose  by  the  Board 
of  Control,  or  the  Executive  Committee,  whose  duty  it  shall  be  to 
report  the  proportion  to  be  paid  by  the  Branch  or  Branches  seeking 
to  close  its  business  and  to  withdraw  its  capital ;  and  such  proportion 
shall  be  deposited  with  the  Board  of  Control,  or  otherwise  secured, 
as  said  Board  or  the  Executive  Committee  shall  direct. 

ARTICLE  11.  —  CONTRIBUTION,  &c.,  TO  FAILING  BRANCHES. 

SEC.  1.  So  soon  as  the  Board  of  Conlrol,  or  the  Executive  Com- 
mittee, shall  be  satisfied  from  a  report  of  one  or  more  members  of  the 
Board  by  either  appointed,  that  any  Branch  has  suspended  the  pay- 


ment  of  its  notes  in  gold  and  silver,  a  requisition  shall  be  made  upon 
the  Branches,  fn  proportion  to  the  circulation  to  which  they  are  sev- 
erally entitled,  for  an  amount  in  the  notes  of  such  failing  Branch,  or 
in  specie  and  checks  upon  one  of  the  specie  paying  Banks  in  New 
York,  Philadelphia,  Boston,  or  Baltimore,  sufficient  in  their  judgment 
to  meet  the  redemption  of  the  notes  of  such  insolvent  Branch,  and  so 
from  time  to  time  until  all  the  notes  of  such  Branch  shall  be  redeemed, 
according  to  the  requirements  of  sections  twenty-five  and  twenty-six 
of  the  act  of  incorporation. 

SEC.  2.  Should  any  Branch  neglect  or  refuse  to  furnish  the  pro- 
portion of  notes  of  such  failing  Branch,  or  of  specie  or  checks  upon 
the  Banks  aforesaid,  according  to  such  apportionment,  such  neglect 
or  refusal  shall  be  deemed  an  act  of  insolvency,  and  such  neglecting 
or  refusing  Branch  shall  be  dealt  with  accordingly. 

SEC.  3.  The  receiver  or  receivers  shall  make  monthly  returns  to 
the  Board  of  Control,  under  oath,  of  the  true  state  and  condition  of 
such  failing  Branch,  as  nearly  as  can  be  ascertained.  He  or  they 
shall  return  monthly  the  notes  on  hand  of  such  failing  Branch,  which 
shall  be  credited  to  the  circulation  of  the  Branch,  and  which  shall  be 
burnt  to  ashes,  as  in  the  case  of  mutilated,  torn,  and  defaced  notes, 
received  at  the  office. 

SEC.  4.  The  receivers  shall  be  allowed  a  reasonable  compensation 
for  services,  to  be  paid  out  of  the  assets  of  the  failing  Branch  ;  and  in 
case  these  are  insufficient,  the  same  shall  be  paid  by  the  other  Branch- 
es, in  proportion  to  the  circulation  to  which  they  are  severally  entitled. 

ARTICLE  12. —  EXPENSES  OF  COLLECTION,  AND  FOR  COPIES. 

SEC.  1.  The  expenses  of  collecting  bonds  and  mortgages,  given 
for  safety  fund,  shall  be  defrayed  and  paid  by  the  Branch  to  which 
they  may  belong,  and  shall  be  deemed  a  deficit  in  its  safety  fund  to 
the  amount,  to  be  supplied  by  a  credit  on  the  books  of  the  Branch  ; 
and  a  certificate  of  such  credit  shall  be  forwarded  to  the  Board  of 
Control. 

SEC.  2.  When  copies  from  the  office  shall  be  wanted  for  evidence, 
or  other  legitimate  purpose,  they  shall  be  furnished  at  the  rate  of  ten 
cents  for  every  hundred  words  ;  and  when  the  seal  shall  be  required, 
fifty  cents  in  addition  may  be  charged.  All  fees  thus  received  shall 
be  credited  to  the  State  Bank  of  Ohio. 

ARTICLE  13.  —  PENALTY  FOR  VIOLATING  BY-LAWS,  &c. 

SEC.  1.  If  any  Branch  of  the  State  Bank  of  Ohio,  or  its  officers, 
shall  knowingly  and  wilfully  violate  any  of  the  by-laws  adopted  by 
the  Board  of  Control,  or  neglect  or  refuse  to  yield  obedience  thereto, 
or  any  resolution  which  has  been  or  may  hereafter  be  passed  by  said 
Board,  it  shall  be  the  duty  of  said  Board,  if  in  session,  or  the  Execu- 
tive Committee  in  its  vacation,  in  their  discretion,  to  forthwith  order 
such  Branch  to  cease  discounting,  and  to  return  to  the  Board  of  Con- 
trol such  amount  of  its  circulating  notes  as  may  be  deemed  necessary 


48 

to  make  it  for  the  interest  of  such  Branch  to  submit  to  and  comply 
with  the  by-laws  and  resolutions  as  aforesaid;  and  in  case  such 
Branch  shall  neglect  or  refuse  to  obey  such  last  mentioned  order, 
thereby  endangering  the  safety  of  said  Branch,  or  others,  the  Board 
of  Control,  or  Executive  Committee,  may  forthwith  proceed  to  deal 
with  such  Branch  by  injunction,  or  in  any  other  manner  authorized 
by  law. 

ARTICLE  14.  —  AMENDMENTS,  &c. 

SEC.  1.  These  by-laws  may  be  altered,  amended,  or  rescinded, 
at  any  meeting  of  the  Board  of  Control,  two-thirds  of  the  members 
present  agreeing  thereto. 

S?,c.  2.  All  by-laws  and  resolutions  of  a  general  nature,  hereto- 
fore passed,  are  hereby  repealed. 


Form  of  Bond. 

Know  all  men  by  these,  presents,  That  I, 

of  bind  and  oblige  myself  to 

pay  unto  the  State  Bank  of  Ohio,  or  order, 

dollars,  being  part  of  the  Safety  Fund  of  said  Bank,  on  demand, 
with  interest  at  the  rate  of  seven  per  cent,  per  annum.  The  interest 
to  be  paid*  on  the  first  Monday  next,  to  that 

time,  and  from  that  time  semi-annually. 
18 

[Seal.] 


Form  of  the  Warrant  of  Attorney. 

Know  all  men  by  these  presents,  That  I,  the  above  bounden 

authorize  and  empower  any  attorney 

at  law,  or  solicitor  in  chancery,  to  appear  for  me  in  any  court  of 
record,  to  waive  all  notices  and  the  issuing  of  process,  and  to  confess 
judgment  for  the  amount  specified  in  the  above  bond,  and  for  interest 
and  costs  ;  and  also  to  waive  process  and  to  appear  to  a  petition  or  bill 
in  chancery,  to  foreclose  the  mortgage  of  the  same  date  collateral 
thereto ;  and  in  any  court  of  chancery,  to  consent  that  a  final  decree 
be  entered  against  me  for  the  amount  specified  in  said  mortgage,  and 
for  interest  and  costs.  And  my  said  attorney  or  solicitor  is  further 
authorized  and  empowered  to  release  all  errors  and  all  right  and  ben- 
efit of  appeal,  writs  of  error,  or  other  proceedings  in  law  and  equity, 
to  prevent  delayer  hinder  execution  upon  the  judgment  so  to  be  con- 

*If  the  bond  be  executed  after  the  first  Monday  of  May,  and  before  the  first 
Monday  of  November,  fill  the  blank  with  the  words  "  of  November ;"  ;  nd  if  after 
the  first  Monday  of  November,  then  fill  the  blank  with  the  words  "of  May." 


49 

fessed,  or  the  proper  process  to  enforce  the  decree  so  to  be  entered. 
Witness  my  hand  and  seal,  this  day  of 

A.  U.  18 
fmr.  [Seal.] 

N.  B.     The  above  bond  and  power  are  to  be  on  the  same  sheet. 


Know  all  men  by  these  presents,  That 

of  in  the  county  of  in  the 

State  of  Ohio,  for  the  consideration  of 

dollars,  to  in  hand,  paid  by  the  State  Bank  of  Ohio,  the  re- 

ceipt whereof  is  hereby  acknowledged,  do  hereby  give,  grant,  bar- 
gain, sell,  release,  convey  and  confirm  unto  the  said  The  State  Bank 
of  Ohio,  and  its  assigns  forever,  the  following  described 
of  land  situated  in  and  described  as 

follows,  to  wit : 

*5  .-{./ni'Tc-} 

And  the  said  for  himself,  his  heirs, 

executors  and  administrators,  covenants  and  promises  to  and  with  the 
said  The  State  Bank  of  Ohio,  and  its  assigns,  that  he  will  well  warrant 
and  forever  defend  the  premises  aforesaid,  unto  the  said  The  State 
Bank  of  Ohio,  and  its  assigns,  against  the  demands  of  all  persons 
whomsoever. 

To  have  and  to  hold  the  above  described  premises  with  the  appur- 
tenances, unto  the  said  The  State  Bank  of  Ohio,  and  unto  its  assigns 
forever;  provided,  and  this  deed  is  upon  the  condition,  that  if  the 
said  shall  and  do  well  and  truly  pay, 

or  cause  to  be  paid,  unto  the  said  The  State  Bank  of  Ohio,  the  sum 
of  dollars,  being  part  of  the 

Safety  Fund  of  said  Bank,  on  demand,  with  interest  at  the  rate  of 
seven  per  cent,  per  annum ;  the  interest  to  be  paid* 

semi-annually,  agreeably  to  a  bond  this  day  executed  by 
the  said  to  said  Bank,  then  this  obligation 

to  be  void,  otherwise  to  be  and  remain  in  full  force. 

In  testimony  whereof  have  hereunto  placed  hand  and  seal, 
this  '»*0ftt1onivday of  niio*<>?  18 

.bn*c*  t  *>'!««  *oi  ii-ji/ia  a^ogi-ioin  bu*: [Seal.] 

[Seal.] 

*If  the  mortgage  be  executed  after  the  first  Monday  of  May,  and  before  the 
first  Monday  of  November,  fill  the  bbmk  with  the  words,  "on  the  first  Monday 
of  November  next  to  that  time,  and  from  that  time" —  and  so  with  the  first  Monday  of 
May,  if  the  mortgage  shall  be  executed  after  the  first  Monday  of  No  ember. 

tr 


50 

Form  of  Acknowledgment  by  Husband  and  Wife. 

The  State  of  Ohio,  County,  ss. 

I  hereby  certify,  that  on  this  day  of 

A.  D.  18         ,  before  me  personally  appeared 

grantors  named 

in  the  foregoing  instrument,  and  acknowledged  the  signing  and  sealing 
thereof,  to  be  their  voluntary  act  and  deed  ;  and  the  said 

wife  of  the  said 

having  been  by  me  examined,  separate  and  apart  from  her  husband, 
and  the  contents  of  said  instrument  then  by  me  made  known  to  her, 
did,  upon  such  separate  examination,  declare  that  she  did  voluntary 
sign,  seal  arid  acknowledge  the  same,  and  that  she  was  then  still  sat- 
isfied therewith. 


Form  of  Certificate  of  Deposit  of  Safety  Fund. 

Bank 
No.  18 

There  has  been  placed  to  the  credit  of  the  Board  of  Control  in  this 
Branch,  being  part  of  its  Safety  Fund,  the  sum  of 

dollars,  which  is  subject  to  the  check 
or  order  of  the  President  or  Secretary. 


Form  of  an  Order  by  the  President  and  a  majority  of  the 
Directors  for  Notes. 


Bank  18 

at  all  notes  for  c 
f  Control  to 
or  to  his  order. 


Ordered,  That  all  notes  for  circulation  for  this  Branch  be  delivered 
by  the  Board  of  Control  to  Cashier, 


President. 
>  Directors. 


nsd 

Form  of  Certificate  for  the  payment  of  interest  on  Bonds 
and  Mortgages  given  for  Safety  Fund. 

Bank  18 

I  certify  that  the  interest  has  been  paid  on  the  bond  and  mortgage 
of  for  $ 

and  that  the  interest  has  not  been  paid  on  the  bond  and  mortgage 
of 

Cashier. 


Resolved,  1,  That  it  be  recommended  to  the  several  Branches  to 
return  no  person  as  a  member  of  the  Board  of  Control  unless  he  have 
the  qualifications  of  a  Director,  or  be  Cashier  of  the  Branch  he  rep- 
resents, or  be  the  representative  of  some  other  Branch. 

Resolved,  2,  That  a  telegraphic  despatch  from  a  Branch,  containing 
the  certificate  of  the  Cashier,  (or  other  person  acting  as  such,)  of  the 
appointment  of  a  member  of  the  Board  of  Control,  shall  be  received 
as  evidence  of  the  fact  of  the  appointment. 

Resolved,  3,  It  is  the  duty  of  each  Branch  to  receive  in  payment 
of  debts,  the  notes  of  all  the  Branches;  and  when  the  same  cannot 
be  identified  by  reason  of  the  fading  out  of  the  ink,  it  shall  not  be 
again  paid  out  or  put  into  circulation  in  any  manner.  The  Branch 
which  is  the  holder  of  such  paper,  shall  return  the  same  to  the  Board 
of  Control,  at  any  of  the  meetings  of  said  Board,  and  the  President 
shall  appoint  a  committee  of  three  experienced  Cashiers,  to  whom  all 
such  paper  shall  be  delivered  for  examination.  If  said  committee 
shall  be  able  to  identify  said  paper,  or  any  part  thereof,  they  shall  re- 
port that  fact,  and  the  name  of  the  Branch  to  which  it  belongs,  to  the 
Board  ;  whereupon  the  Branch  to  whom  said  committee  decides  it  to 
belong,  shall  redeem  the  same.  If  said  committee  shall  not  be  able 
to  decide  to  what  Branch  the  faded  paper  belongs,  they  shall  care- 
fully count  the  same,  and  report  the  same  to  the  Board  for  its  further 
order,  with  the  name  of  the  Branch  which  has  redeemed  it,  to  the 
Board;  and  the  Branch  shall  thereupon  receive  credit  therefor ;  and 
the  amount  so  credited  shall  be  charged  to  a  separate  account  of  non- 
identified  paper,  and  the  expense  thereof  shall  be  adjusted  among  the 
Branches  in  the  same  manner  as  the  cost  of  notes  for  circulation  is 
adjusted. 

Resolved,  4,  That  any  two  members  of  the  Board,  whose  Branches 
have  returned  torn,  mutilated  and  defaced  notes,  be  constituted  com- 
mittees to  count,  burn  and  report  the  same. 

Resolved,  5,  That  the  practice,  if  it  exists,  of  loaning  considerable 
sums  to  corporations,  with  or  without  individual  names  attached,  ought 
to  be  abandoned. 

Resolved,  6,  That  fictitious,  nor  any  other  than  legitimate  and  bona 
fide  bills  of  exchange,  should  never  be  purchased  or  discounted  by  a 
Branch. 

Resolved,  7,  That  the  Branches  be  requested  to  retain  from  circu- 
lation, and  return  to  the  Branches  which  issued  them,  any  notes 
which,  from  mutilation  or  fading  of  the  filling  up,  have  the  appear- 
ance of  losing  or  being  about  to  lose  their  identity. 


INDEX, 


A. 

ACCOUNT  of  non-identified  notes  to  be  kept 51 

AC  KNO  WLEDGMENT  of  ar tic  les  of  associations  to  be  made  5 

ACTION  not  given  to  recover  debts  on  prohibited  notes 35 

AFFAIRS  of  State  Banks  may  be  closed,  and  how 30,  46 

AFFIDAVIT  made  to  obtain  injunction 

AGENT  to  examine  Branches-   

to  examine  titles 

to  examine  funds  of  associations 

to  examine  old  Banks 

AGENCIES  shall  not  be  established 

AMENDMENT  to  By-Laws  allowed 

APPEAL  allowed  from  Board  to  Bank  Commissioners 

from  Executive  Committee  to  Board  of  Control — 

Expenses  of,  how  paid 

ARTICLES  of  Association,  how  made 

ASSENT  of  old  Banks  to  become  new  required 

of  the  Board  of  Control  to  law  January  6, 1846-- 

February  24,  1848 
March  23,  1850- - 

ASSETS  of  insolvent  Bank,  how  to  be  disposed  of 

what  to  be  done  with,  on  injunction  being  allowed 
cannot  be  assigned  in  contemplation  of  insolvency 

ASSIGNMENT  of  Bank  stock,  how  made — 

of  debts  conditionally  permitted 

of  bonds  and  mortgages  may  be,  given  for  a 

safety  fund 41 

ASSOCIATION  for  banking 3,4 

AUCTION — stock  may  be  sold  at,  to  pay  instalments 7 

AUDITOR  of  State  to  act  as  commissioner 06 

B. 
BALLOT— .officers  to  be  elected  by-  „,-,,- W,^-,T~~          89 


53 

BANKS — incorporated  and  general  powers 23 

how  many  allowed 4 

circulation  of  limited 11 

capital,  how  much 3 

failing,  how  to  proceed r 13,  46 

may  wind  up,  and  how 30,  46 

must  have  30  per  cent,  in  specie  and  deposits--  37 

may  not  take  usury  except  in  certain  cases 36,  35 

may  purchase  notes,  bills,  &c. 26 

restriction  in  purchasing  notes,  bills,  &c. 36 

must  receive  each  other's  notes  for  debts 23 

cannot  circulate  depreciated  notes--  26 

cannot  circulate  notes  of  foreign  Banks 34 

cannot  pledge  or  exchange  notes -U3-W      24 

certain  old  may  join  in  association 28 

may  by  consent  be  taxed- 37 

may  take  12  per  cent  on  foreign  bills 36 

what  discount  may  be  charged  on  domestic  bills  36 

how  stock  may  be  in  part  extinguished 38 

BANK  COMMISSIONERS  —  who  and  oath-  5 

to  regulate  number  of  Banks 8 

their  compensation 30 

to  appoint  agents  to  examine  associations 29 

old  continued  for  special  purposes 31 

BANK  DIRECTORS  —  number,  andi how  elected 21 

must  declare  dividends 24 

amount  they  may  be  liable  for,  collectively 12 

violating  charter  works  forfeiture  of  franchise--  27 

knowingly  violating  charter  individually  liable-  -  27 

majority  of  must  be  residents  of  the  county 38 

BANK  DISTRICTS— number  of,&c. 3 

BANK  STOCK  —  to  be  divided  into  shares  of  $100- 20 

cannot  be  taken  as  security  for  debts 21 

each  share  to  have  a  vote 21 

directors  to  own  how  much — • 21 

maybe  extinguished 38 

when  received  by  branch,  what  consequence  •--  44 

Banks  have  a  lien  upon  for  debts 20 

of  other  companies  cannot  be  purchased 21 

BEARER  — all  notes  payable  to 10 

BILLS  IN  CHANCERY  may  be  filed  against  branches  in 

certain  cases 32 

BILLS  OF  EXCHANGE,  &c.  — may  be  bought  and  sold-  22 

what  interest  allowed  on 36 

discount  at  6  per  cent,  and  ?  per  cent  for  collecting  36 

purchasing  at  discount  not  illegal 26 

fictitious  not  to  betaken 51 


54 

BOARD  OF  CONTROL— incorporated,  powers  and  duties  9,  10 

may  extend  time  of  paying  stock 6 

created  Bank  Commissioners,  and  powers 3.1 

when  to  meet 40 

noofficerof  an  independent  Bank  to  be  memberof  43 

telegraphic  despatch  to  be  evidence  of  member  of  51 

BOND  —  President  and  Secretary  to  give 10,39 

receivers  to  give 13 

form  of  a  safety  fund 48 

BOOKS — to  be  kept  to  show  delivery  of  notes 11 

when  to  be  closed  and  balanced 41 

to  be  opened  for  non-identified  paper 51 

BRANCHES  — incorporated  and  general  powers 22 

may  take  forfeited  stock 7 

limited  in  the  purchase  of  stock '  21 

must  set  off  State  tax--  26 

violating  charters,  franchises  forfeited 27 

must  deposit  safety  fund- 11 

may  take  seven  per  cent,  on  safety  fund 12 

must  invest  safety  fund--  41 

notes  furnished  to,  and  amount---  11 
must  not  issue  except  of  specified  denominations  22,  23 

each  to  contribute  in  case  of  insolvency 13,  46 

may  be  restricted,  and  how —  32,  44 

may  be  examined  and  must  pay  examiners--  44 

must  not  exchange  notes 24 

failing,  how  sustained 13,  46 

must  furnish  abstracts  of  condition 43 

must  return  that  directors  have  been  sworn 43 

must  return  alphabetical  list  of  debtors  generally  44 

must  pay  postage 41 

acting  improperly,  subject  to  order  of  Exec.  Com.  42 

general  duties  under  by-laws 43 

what  amount  of  specie,  &c.,  to  be  kept  on  hand-  45 

may  close  business,  and  how 46 

may  agree  to  be  taxed  differently 37 

may  take  interest  or  profit  on  foreign  bills  of  12  p.  c.  36 

may  take  a  reasonable  sum  for  collections 36 

must  furnish  statement  of  interest  paid  and  unpaid  42 

Directors  must  examine,  and  when 43 

BY-LAWS-  39 

maybe  amended,  and  how 48 

Penalty  for  violating 47 

I  ° 

n 
U 

CAPITAL  —  amount  authorized 3 

minimum • 5,6 


55 

CAPITAL—  Continued. 

cannot  be  withdrawn 

may  be  withdrawn,  and  how 

may  be  increased  after  two  years . 8 

not  paid  in  may  be  relinquished,  and  how —  33 

CERTIFICATE  —  members  of  associations  to  make 5 

of  appointment  member  of  Board  by  telegraph  51 

CIRCULATION  —  in  proportion  to  capital 11 

in  proportion  to  coin,&c. 23 

notes  for,  how  obtained 11 

denominations 11,  22 

maybe  restricted  and  reduced 10,  32 

may  be  withdrawn  in  part,  and  how 38 

may  be  reduced  by  order  of  Exec.  Committee  42 

COLLECTIONS  —what  may  be  charged  for 36 

of  safety  fund  to  be  paid  by  branches--  47 

COMMISSIONERS  — Bank  appointed--           5 

to  regulate  the  number  of  Banks 8 

their  compensation 30 

their  powers  to  be  exercised  by  the  B.  of  Control  31 

old  continued  for  special  purposes 31 

COMMITTEE  —  Board  of  Control  to  appoint  Executive--  10 

of  General  Assembly  to  examine  State  Banki-^-  9 

must  be  appointed  in  case  of  insolvency 13 

may  be  appointed  to  examine  branches 9 

to  identify  defaced  notes 51 

of  two  to  burn  paper ,  _-__  H,  45 

any  two  members  of  the  Board  are  to  burn 51 

COMMITTEE  EXECUTIVE— see  Executive  Committee  10,  42 

CONTINGENT  FUND  to  be  kept  by  branches 45 

COPIES  from  office  must  be  paid  for 47 

CORPORATIONS  —Board  of  Control  created  a,  and  name-  10 

all  Banks  created  and  powers  defined 22 

should  not  receive  large  loans — 51 

CONTRIBUTION  to  failing  branches -  13,  46 

COSTS  of  collection  may  be  taxed 36 

^  JH   of  copies  from  office 47 

COUNTIES  —  what  to  form  Bank  districts --s533  ItSt 

COURTS  to  adjudge   violations  of  charter 27 

may  allow  injunctions 32 

D-  </3 

DEBTS  — bad  defined  in  making  dividends 24 

by  stockholders  to  Banks  limited 23 

general  limitations  of 26 


56 

DEBTS  —  Continued. 

dividends  to  be  retained  for 

are  a  lien  on  stock 

created  by  foreign  Bank  notes  cannot  be  recovered 

bad,  no  dividend  to  be  declared  on 

funded  of  Ohio,  defined 

lies  for  taking  illegal  interest 

forfeited  by  taking  illegal  interest 

evidence  of,  must  be  made  payable  to  branch — 

DEBTORS  —  alphabetical  list  to  be  furnished,  and  when-- 
Directors  and  stockholders  not  to  be  too  large  to 

Banks 12,  24,  26 

delinquent  list  of  to  be  furnished 43 

DEPOSITS  in  the  East,  equivalent  to  specie 23 

with  whom,  shall  be  specified --  44 

to  be  designated  in  returns 44 

DIRECTORS— how  elected,  &c. 21,  22 

special  election  of,  on  notice 22 

how  much  they  may  owe  a  Bank 12 

must  sign  order  for  notes 11 

a  part  of  the,  must  be  residents  of  the  county-  -  39 

must  examine  the  branch,  and  when 43 

DISCOUNTS  —  how  to  be  secured  -  -  45 
what  interest,  &c.,  may  be  taken  on  domestic  bills  26,  36 

devices  to  obtain  more  than  lawful  forfeit  debt-  36 

two  directors  must  concur  in  making 45 

DISTRICT  BANK  — State  divided  in  12 3 

DIVIDEND  to  be  declared,  and  not  on  bad  debts 24 

made  to  diminish  capital  forfeits  charter 19 

when  declared,  contingent  iund  to  be  left 45 

E. 

ELECTIONS  of  officers  to  be  by  ballot 39 

of  directors,  when  holden--  21,  22 

each  share  of  stock  to  give  a  vote,  &c. 21 

of  members  of  the  Board  of  Control 8 

of  the  President  to  be  annual 9,  39 

of  the  Executive  Committee,  when 10,  42 

EMBEZZLEMENT,  how  punished --  27 

ENDORSEMENT,  of  part  of  safety  fund,  permitted 41 

special,  of  notes,  bills,  &c.,  to  Banks 27 

except  for  particular  purposes,  void 27 

EXECUTIVE  COMMITTEE  —how  appointed  and  gene- 
ral duties 10,  42 

vacancies  in,  how  filled 42 

may  call  special  meetings  of  the  board 40 

their  duty  when  a  branch  fails — 46 


57 

EXPENSES  of  plates,  &c.,  how  paid 10,  40 

of  examining  branches 44 

of  copies 47 

of  offices 10 

of  Bank  Commissioners 30 

of  collecting  safety  fund 47 

F. 

FORFEITURE  of  debt  for  usury 26 

defined,  remedy,  &c., :-j;i 

for  circulating  foreign  Bank  notes,  what 34,  35 

for  diminishing  capital  by  dividends 19 

for  violating  charter  by  officers--  27 

suit  for,  by  whom  prosecuted  and  for  what  use--  35 

FORMS—:  4S 

President  to  furnish 41 

FUNDED  debt,  defined 30 

FUND — contingent  to  be  kept  by  branches-- 45 

FUND  SAFETY  — see  safety  fund 11,  12,  13,26,36,41,42 

~  '<Io 

Gt  .U'O 

GOVERNOR  to  issue  proclamation  of  chartered  Banks  --438  U  jf  HI 

'-Jhtri  ;;jj,J»nb'>b — 

INJUNCTION  -  when  branch  may  obtain-^-*.!  Q3T  A  J    '  I  ifc 

when  and  how  State  Bank  can  obtain '-'---  32 

INSOLVENCY  —  what  shall  be  deemed,  and  where  assets 

shall  go 13 

Board  of  Control  failing  to  act  may  be  coerced-  14 
all  acts  of  a  branch  after,  or  in  contemplation  of, 

void 27 

what  the  Board  or  Exec.  Com.  shall  do  in  case  of  47 

INTEREST  on  safety  fund  goes  to  the  branch {•;  ,1$ 

paid  and  unpaid  must  be  certified  monthly 42 

on  loans  6  per  cent,  allowed  in  advance  -   —  26 

on  the  funded  debt  of  the  State  not  to  be  taxed-  26 

purchasing  bills  at  a  discount  not  illegal 26 

forfeiture  for  taking  too  much 26,  33 

not  to  take  more  than  6  per  cent,  in  advance  and 

costs 36 

may  take  12  per  cent,  as  net  profits  on  foreign  bills  36 

INSTALMENT,  on  stock,  when  and  what  amount  to  be  paid  5 

stock  may  be  sold  to  pay 6,  7 

L. 

LIABILITIES  of  Banks  total  allowed—         - 23,  24 

of  individuals  and  companies 26,  44 

of  stockholeers  and  directors  ---  12 
8 


58 

LIEN  — Banks  shall  not  take  on  stock  for  discounts 21 

Banks  shall  have  for  liabilities  of  stockholders--  20 

of  insolvent  Banks  go  to  the  Board  of  Control--  10 

LOANS  must  be  made  by  two  directors 45 

how  secured 45 

on  bills  must  be  legitimate 51 

to  corporations  not  to  be  large 51 

M. 

MEETINGS  of  the  Board  of  Control,  when,  regular 40 

special  may  be  called 40 

of  stockholders,  votes  regulated 21 

at,  of  the  Board,  majority  may  transact  business  40 

MEMBERS  of  the  Board  of  Control,  how  appointed,  &c.  --  -  9 

any  two  of,  may  count  and  burn  paper 11,  45 

may  be  certified  by  telegraph--  51 

majority,  of  may  transact  business 40 

number  of  votes  of 10 

MEMBERS  of  the  Board  of  Bank  Commissioners  appointed  5 

old  continued 31 

compensation 30 

MEMBERS  of  the  Exec.  Com.,  how  appointed  and  duties  10,  42 

MISDEMEANORS— defined,  and  officers  guilty  of,  punished  27 

MUTILATED  PAPER  to  be  returned  and  burnt 11,  45 

any  two  members  of  the  Board,  &c,,  a  committee 

to  burn 51 

N. 

NAMES,  corporate,  must  contain  place  of  location 5 

NEGOTIABLE  — Bank  notes  are  by  delivery--  10,11 

debts  only  are,  for  special  purposes 27 

NOTES,  for  circulation,  Board  of  Control  to  furnish 9 

must  be  made  payable  at  branch 10 

what  amount  on  capital 11 

denominations,  &c.-- 22 

must  be  received  in  payment  of  debts  by  all —  23 

must  be  withheld  from  circulation  if  specie  reduced  23 

how  paid  for 10,  40 

circulation  of,  may  be  restricted  and  reduced  -9,  32,  42 

not  to  be  paid  out  unless  received  at  par 27 

penalty  for  circulating  foreign  Bank --  34,  38 

mutilated,  may  be  returned  and  burnt,  and  when  11,  45 

faded  may  be  returned  to  Board  of  Control 51 

must  be  endorsed  by  President  of  branch  when 

reissued    45 

must  be  delivered  on  written  order--!- 11 


59 

NOTICE— defined 30 

to  be  given  before  sale  of  delinquent  stock- 6 

Bank  Commissioners   to  give  Governor  when 

Banks  are  formed 7 

may  be  given  for  election  of  directors 22 

o. 

OATH  of  directors  wishing  to  bank 7 

to  be  taken  by  directors  and  filed--  21 

of  members  of  the  Board  of  Control 9 

of  President -  10 

of  Cashier  to  abstract,  list  of  officers,  &c. 43 

affirmation  same  as 30 

OFFICERS  —  members  of  the  B.  of  Control,  how  appointed  9 

of  Bank  Commissioners 5 

.01  .•-:    of  Executive  Committee 10,42 

of  President  and  Secretary 9,  39 

how  elected-------- 39 

punished  for  embezzlement 27,  2o 

„____  ^  ,    •   .  ,    •  '.MI  •     :  01 

ORDER — written,  necessary  to  obtain  notes 11 

made  by  Board  of  Control,  how  enforced 32 

of  the  Board  and  Executive  Committee  must  be 

obeyed LJOfi-39al4lU^iX  48 

•>.  >':M*'.\n\&)  ^jnu 

•*••         :ii  li.iilno" »  ho  -biijocJ 

PENALTY  for  embezzlement  and  fraud- 27 

for  not  redeeming  notes 13 

for  usury 32,  35 

for  paying  out  foreign  Bank  notes — 'r7"T^~~  ^'  ^ 

for  violating  by-laws     --— --'r.----~  47 

PENITENTIARY — officers  guilty  of  fraud  to  be  confined  in  27 

PLACE  of  banking  must  be  part  of  corporate  name 3 

PL ATES  —  how  paid  for JU_^-u 10,  40 

POSTAGE  —  branches  to  pay  —  41 
POWERS  of  the  Board  of  Control  generally  and  as  Bank 

commissions 9,  31 

of  Bank  Commissioners ^ 7 

of  Executive  Committee  generally 10,  42 

of  thebranches 22 

of  attorney  to  confess,  &c.,  safety  fund 41 

PRESIDENT,  of  the  Board,  when  elected,  and  bond 9,  39 

must  make  a  communication 40 

to  appoint  a  committee  to  identify  notes 

expenses  to  be  paid  to 

how  to  deliver  new  for  mutilated  notes 

may  withdraw  safety  fund 41 

of  a  branch  must  write  his  name  across  notes 

before  reissued •* •- — ---  46 


60 

PROTEST  may  be  entered  ----------------------------  40 

PROCLAMATION,  of  Governor  of  Banks  chartered--  •  7 

PROFITS  to  be  divided  and  taxed  --                                      -  24,  26 

PROXIES,  who  may  be--  21 

PURCHASERS—  Banks  may  be  of  real  estate,  stock  ----  21,  22 

Banks  cannot  be,  of  stocks  except  to  prevent  loss  21 

if  Banks  become,  they  must  return  circulation--  44 

Banks  must  not  be.  of  fictitious  bills,  &c.--  51 

R. 

REAL  ESTATE  —  Banks  may  purchase---  22 

RECEIVERS  of  insolvent  Banks--                    --------  13,  32,  47 

to  be  appointed  when  injunction  allowed  -----  32 

REDEMPTION  of  notes  to  be  at  the  branch  where  issued--  10 

of  notes  of  insolvent  Banks  provided  for-13,  46.  47 

REPEAL  of  certain  acts  ----------------------------  38,  30 

part  of  act  Feb.  24,  1  845  ------  35 

REPORTS  to  be  made  to  Auditor  of  State,  when  ----  24 

monthly,  debtors,  &c.,  general  -----------  43 

RESOLUTIONS  —  general---  51 

REVIVAL  Gist  sec.  act  Feb.  24,  1845-  -  35 

RULES  for  forming  banking  companies  -----------------  7 

Board  ot  Control  may  prescribe  forsettling  balances  9 

and  by-laws  -------------------------------  39 


SAFETY  FUND  —  what  called  and  amount  on  circulation-    11,  12 
in  whose  charge  and  how  invested  -----------    12,  41 

branches  advancing  for  insolvent  to  be  repaid  —  13 

in  State  stocks  not  to  pay  tax  ----------  ------  26 

belonging  to  insolvent  Banks  first  converted  ----  12 

may  be  sold  or  mortgaged,  when  ----  13 

expense  of  collecting,  how  paid  -------------  47 

part  of  may  be  received  --------------------  41 

bond  given  for  may  be  assigned  -----  41 

President  may  withdraw  in  certain  cases  ------  41 

interest  must  be  paid  on  or  suit  -  42 

Secretary  to  have  custody  of  -----------------  39 

j  j 

SALARY  —  President,  Secretary  and  Executive  Committee 

may  have  ----------  10 

SEAL  of  the  Board,  how  used  -----        ----------------  39 

SECRETARY  of  the  Beard  of  Control,  elected  when,  duties     9,  39 

of  State,  to  be  Bank  Commissioner,  &c.  —  5 

SECURITY  —  Bank  stock  not  to  be  taken  as  ------------  21 

what  required  on  discounts  -----------------  45 

91 


61 

SHARES  of  Bank  stock,  how  much,  and  assignable   20 

how  many  each  director  to  have,  may  be  sold,  &c.  21 

may  be  sold  for  delinquency 6 

when  taken  in  payment,  circulation  must  be  with- 
drawn   44 

Banks  have  a  lien  on  for  debts 21 

votes  for  each 21 

SPECIE  —  all  notes  must  be  paid  in  at  the  branch 10 

proportion  to  circulation 6 

when,  withEastern  deposits, below  30  p.ct.,  what  37 

STATE  BANK  incorporated 10 

STATEMENTS  to  be  made  to  Auditor  of  State,  when  and  how  24 

to  be   made  to  Board  of  Control,  when  and  how  43 

STOCK — -how  much  allowed  and  minimum 5 

may  be  increased 8 

may  be  sold  for  delinquency 6 

may  be  purchased,  when 21 

may  be  assigned 20 

time  for  payment  may  be  extended 6 

may  be  relinquished 33,  38 

Banks  have  a  lien  on  for  debts 20 

Banks  shall  not  discount  on 21 

votes  on 21 

shall  not  be  purshased  only  in  certain  cases  T —  21 

when  taken  in  payment,  circulation  returned-  -  -  44 

STOCKHOLDERS  —  debts  of  limited 19 

extent  of  liability . 12,  24 

delinquent,  cannot  vote 21 

T. 

TAX  to  be  paid  on  profits  not  on  State  stocks 26 

an  act  to  tax  Banks 37 

TELEGRAPH  —  certified,  evidence  in  what  cases 61 

TITLES  —  what  kind,  for  safety  fund 12 

an  agent  to  examine 41 

TRANSFER  of  stock  allowed,  conditionally 20 

of  assets  of  insolvent  Banks,  void 27 

of  notes,  bills,  &c.,  for  special  purposes 27 

of  bonds  and  mortgages,  safety  fund 41 

TRUST  —  safety  fund  to  be  held  in,  by  Board  of  Control--  12 

u. 

USURY  cannot  be  taken  except  on  foreign  bills 35,  36 


V. 

VACANCIES  in  office  of  President,  &c.,  how  filled  -------    10,  39 


in  Executive  Committee,  how  filled 
in  Bank  Commissioners 
in  Bank  Directors 
VOTE  regulated  a*  to  member,  &c. 

delinquent  stockholders  cannot  — 


Y. 

YEAS  and  nays  may  be  required 

University  of  California  Library 
Los  Angeles 

This  book  is  DUE  on  the  la 


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5 

22 

10,  21 
21 


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